This section applies where a company is being wound up by the court and nominations are sought from the company's creditors and contributories for the purpose of choosing a person to be liquidator of the company.
The creditors and the contributories may in accordance with the rules nominate a person to be liquidator.
The liquidator shall be the person nominated by the creditors or, where no person has been so nominated, the person (if any) nominated by the contributories.
In the case of different persons being nominated, any contributory or creditor may, within 7 days after the date on which the nomination was made by the creditors, apply to the court for an order either—
appointing the person nominated as liquidator by the contributories to be a liquidator instead of, or jointly with, the person nominated by the creditors; or
appointing some other person to be liquidator instead of the person nominated by the creditors.