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Corporate Insolvency and Rescue

Resignation of a Liquidator

In Chapter 5: Liquidator’s Powers and Duties

Corporate Insolvency and Rescue

Authors:
Irene Lynch-Fannon and Gerard Murphy
Publisher:
Bloomsbury Professional
Edition:
Second edition
Publication Date:
May 2012
Law As Stated At:
20 April 2012
[5.12] A liquidator in a compulsory liquidation may resign at any stage. CA 1963, s 228(c). Since an official liquidator is an officer of the court, it is advisable for the liquidator to seek the approval of the court to resign. Re Palgrave Murphy Ltd (1978) 112 ILTR 81; Re Northern Waterproofs Ltd [1967] NI 17. In such a case the court will have to appoint a new liquidator. CA 1963, s 228(e). RSC 1986, Ord 74, r 36. The court will also make the following consequential orders, namely that the former official liquidator: (a) bring in and pass his final account as official liquidator; (b) pay the balance (if any) found due on the account to the new official liquidator appointed by the court; (c) endorse over all moneys standing on deposit into the names of the new official liquidator and the Examiner of the High Court; (d) pay the balance ...
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