Division 1 — Company’s dealings and transactions with
liquidator or committee of inspection
Restrictions relating to liquidator’s remuneration
39.—(1)  Except as provided by the Act or any subsidiary legislation made under the Act, the liquidator of a company must not make any arrangement for or accept any gift, remuneration, consideration or benefit (whether pecuniary or otherwise) that is beyond the remuneration to which the liquidator is entitled under the Act and the subsidiary legislation, from the following persons:
(a)a solicitor, auctioneer or any other person connected with the company;
(b)any person who is employed in or in connection with the winding up of the company.
(2)  The liquidator must not make any arrangement to give up any part of the liquidator’s remuneration to a person mentioned in paragraph (1)(a) or (b).
Committee of inspection not to make profit
40.—(1)  Except with the sanction of the Court, a member of the committee of inspection of a company is not, directly or indirectly, entitled to —
(a)derive any profit from any transaction arising out of the winding up of the company; or
(b)receive out of the company’s assets any payment for —
(i)any service rendered by the member in connection with the administration of the company’s assets; or
(ii)any goods supplied by the member to the liquidator for or on account of the company.
(2)  If it appears to the committee of inspection or to any meeting of the creditors or contributories that any profit has been derived or payment has been received by a member of the committee of inspection contrary to this regulation, the committee, creditors or contributories (as the case may be) may disallow the payment or recover the profit.