Division 1 — Preliminary provisions applicable to winding up

119 Modes of winding up and application of this Division

120 Government bound by certain provisions

121 Liability of present and past members as contributories, and unlimited liability of directors

122 Nature of liability of contributory

123 Contributories in case of death or bankruptcy of member

Division 2 — Provisions applicable to winding up by Court

Subdivision 1 General

124 Application for winding up

125 Circumstances in which company may be wound up by Court

126 Commencement of winding up

127 Payment of preliminary costs, etc.

128 Powers of Court on hearing winding up application

129 Power to stay or restrain proceedings against company

130 Avoidance of dispositions of property and certain attachments, etc.

131 Winding up application to be lis pendens

132 Copy of order to be lodged, etc.

133 Effect of winding up order

Subdivision 2 Liquidators

134 Appointment, style, etc., of liquidators

135 Nomination and consent of liquidator

136 Provisions where person other than Official Receiver is appointed liquidator

137 Control of liquidators by Official Receiver

138 Provisional liquidator

139 General provisions as to liquidators

140 Custody and vesting of company’s property

141 Statement of company’s affairs to be submitted to Official Receiver

142 Statements of concurrence

143 Report by liquidator

144 Powers of liquidator

145 Exercise and control of liquidator’s powers

146 Payment by liquidator into bank

147 Release of liquidators and dissolution of company

148 Final account and dissolution

149 As to orders for release or dissolution

Subdivision 3 Committees of inspection

150 Meetings to determine whether committee of inspection to be appointed

151 Constitution and proceedings of committee of inspection

Subdivision 4 General powers of Court

152 Settlement of list of contributories and application of assets

153 Payment of debts due by contributory and extent to which set‑off allowed, etc.

154 Appointment of special manager

155 Claims of creditors and distribution of property

156 Inspection of books and papers by creditors and contributories

157 Power to arrest absconding contributory, director or former director

158 Delegation to liquidator of certain powers of Court

159 Powers of Court cumulative

Division 3 — Provisions applicable to voluntary winding up

Subdivision 1 Preliminary

160 Circumstances in which company may be wound up voluntarily

161 Provisional liquidator and commencement of voluntary winding up

162 Effect of voluntary winding up

163 Declaration of solvency

Subdivision 2 Provisions applicable only to members’ voluntary winding up

164 Liquidator

165 Duty of liquidator to call creditors’ meeting, and alternative provisions as to annual meetings, in case of insolvency

Subdivision 3 Provisions applicable only to creditors’ voluntary winding up

166 Meeting of creditors

167 Liquidator

168 Liquidator’s right to request for statements of concurrence

169 Committee of inspection

170 Property and proceedings

Subdivision 4 Provisions applicable to every voluntary winding up

171 Powers of provisional liquidator prior to creditors’ meeting

172 Distribution of property of company

173 Appointment of liquidator

174 Removal of liquidator

175 Review of liquidator’s remuneration

176 Act of liquidator valid, etc.

177 Powers and duties of liquidator

178 Power of liquidator to accept shares, etc., as consideration for sale of property of company

179 Annual meeting of members and creditors

180 Final account and dissolution

181 Application to Court to have questions determined or powers exercised

182 No liquidator appointed or nominated by company

183 Costs

184 Limitation on right to wind up voluntarily

185 Summoning, proof of notice, and quorum of meetings

Division 4 — Provisions applicable to every mode of winding up

Subdivision 1 General

186 Power to stay or terminate winding up

187 Arrangement when binding on creditors

188 Books to be kept by liquidator, control of Court over liquidators, and delivery of property to liquidator

189 Powers of Official Receiver where no committee of inspection

190 Appeal against decision of liquidator

191 Notice of appointment and address of liquidator

192 Liquidator’s accounts

193 Liquidator to make good defaults

194 Notification that company is in liquidation

195 Books and papers of company and liquidator

196 Investment of surplus funds on general account

197 Unclaimed assets to be paid to Official Receiver

198 Outstanding assets of company wound up on grounds of national security or interest

199 Expenses of winding up where assets insufficient

200 Resolutions passed at adjourned meetings of creditors and contributories

201 Meetings to ascertain wishes of creditors or contributories

202 Special commission for receiving evidence

203 Priority of debts

204 Funding by creditors

Subdivision 2 Effect on other transactions

205 Transfer or assignment of company’s property to trustees

206 Restriction of rights of creditor as to execution or attachment

207 Duties of bailiff as to goods taken in execution

Subdivision 3 Dissolution

208 Power of Court to declare dissolution of company void

209 Early dissolution of company administered by Official Receiver when Official Receiver is liquidator

210 Early dissolution of company administered by liquidator other than Official Receiver

211 Application for order in early dissolution of company administered by Official Receiver or liquidator

212 Official Receiver to act as representative of defunct company in certain events

213 Outstanding assets of defunct company to vest in Official Receiver

214 Disposal of outstanding interests in property

215 Liability of Official Receiver and Government as to property vested in Official Receiver

216 Accounts and audit