Section 173: Release (voluntary winding up)., Insolvency Act 1986

This section applies with respect to the release of the liquidator of a company which is being wound up voluntarily.

A person who has ceased to be a liquidator shall have his release with effect from the following time, that is to say—

in the following cases, the time at which notice is given to the registrar of companies in accordance with the rules that the person has ceased to hold office—

the person has been removed from office by a general meeting of the company,

the person has been removed from office by a decision of the company's creditors and the company's creditors have not decided against his release,

the person has died;

in the following cases, such time as the Secretary of State may, on the application of the person, determine—

the person has been removed from office by a decision of the company's creditors and the company's creditors have decided against his release,

the person has been removed from office by the court,

the person has vacated office under section 171(4);

in the case of a person who has resigned, such time as may be prescribed;

in the case of a person who has vacated office under subsection (6) of section 171, the time at which he vacated office;

in the case of a person who has vacated office under section 171(7)—

if any of the company's creditors objected to the person's release before the end of the period for so objecting prescribed by the rules, such time as the Secretary of State may, on an application by that person, determine, and

otherwise, the time at which the person vacated office.

Where the person is removed from office by a decision of the company's creditors, any decision of the company's creditors as to whether the person should have his release must be made by a qualifying decision procedure.

In the application of subsection (2) to the winding up of a company registered in Scotland, the references to a determination by the Secretary of State as to the time from which a person who has ceased to be liquidator shall have his release are to be read as references to such a determination by the Accountant of Court.

Section 173: Release (voluntary winding up).

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