Division 1 — Provision of security by liquidator
Provisions as to security
25.  For the purposes of section 136 of the Act, the following provisions apply in relation to the security to be given by a person (other than the Official Receiver) who is appointed liquidator of a company:
(a)the person must give the security to any officer or person, and in any manner, that the Official Receiver may from time to time direct;
(b)the person may give the security —
(i)for a particular winding up; or
(ii)generally, to be available for any winding up in which the person is appointed as liquidator;
(c)the Official Receiver must fix the amount and nature of the security, and may from time to time, as the Official Receiver thinks fit, increase or decrease the amount of security given by the person;
(d)the Official Receiver must issue a certificate in accordance with Form CWU‑6 that the person has given security to the Official Receiver’s satisfaction;
(e)the person must file in Court the certificate mentioned in paragraph (d);
(f)the cost of giving the security, including any premiums paid by the person to guarantee the security, must be borne by the person, and must not be charged against the assets of any company which the person is appointed as liquidator as an expense incurred in the winding up.
Failure to give or keep up security
26.—(1)  The Official Receiver must report to the Court if —
(a)a liquidator appointed by an order of the Court fails to give the security under section 136 of the Act within the period stated for that purpose in the order, or any extended period that the Court may allow; or
(b)a liquidator fails to maintain his or her security given under section 136 of the Act.
(2)  Upon receiving the report mentioned in paragraph (1), the Court may rescind the order appointing the liquidator, or remove the liquidator, as the case may be.