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406.   Powers of liquidator

Revised Laws of Saint Lucia (2021)

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406.   Powers of liquidator

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    (1)   The liquidator in a winding-up by the court may with the sanction either of the court or of the committee of inspection—

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      (a)     bring or defend any action or other legal proceeding in the name and on behalf of the company;

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      (b)     carry on the business of the company, so far as may be necessary, for the beneficial winding-up thereof;

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      (c)     appoint an attorney-at-law or other agent to assist him or her in the performance of his or her duties;

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      (d)     pay any classes of creditors in full if the assets of the company remaining in his or her hands will suffice to pay in full the debts and liabilities of the company which rank for payment before, or equally with, the debts or claims of the first mentioned creditors;

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      (e)     make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or sounding only in damages against the company, or whereby the company may be rendered liable;

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      (f)     compromise any calls and liabilities to calls, debts and liabilities capable or resulting in debts, and all claims, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or supposed to subsist between the company and a contributory, or alleged contributory, or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or the winding-up of the company, on such terms as are agreed, and take any security for the discharge of any such call, debt, liability or claim, and give a complete discharge in respect thereof.

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    (2)   The liquidator in a winding-up by the court may—

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      (a)     sell the real and personal property and things in action of the company by public auction or private contract, with power to transfer the whole thereof to any person or to sell the same in parcels;

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      (b)     do all acts and execute, in the name and on behalf of the company, all deeds, receipts, and other documents, and for that purpose to use, when necessary, the company's seal;

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      (c)     prove, rank, and claim in the bankruptcy, insolvency, or sequestration of any contributory, for any balance against his or her estate, and receive dividends in the bankruptcy, insolvency, or sequestration in respect of that balance as a separate debt due from the bankrupt or insolvent, and rateably with the other separate creditors;

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      (d)     draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company, with the same effect with respect to the liability of the company as if the bill or note had been drawn, accepted, made or endorsed by or on behalf of the company in the course of its business;

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      (e)     raise on the security of the assets of the company any money requisite;

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      (f)     take out in his or her official name letters of administration to any deceased contributory, and do in his or her official name any other act necessary for obtaining payment of any money due from a contributory or his or her estate which cannot be conveniently done in the name of the company, and in all such cases the money due is, for the purpose of enabling the liquidator to take out the letters of administration or recover the money, deemed to be due to the liquidator himself or herself;

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      (g)     appoint an agent to do any business which the liquidator is unable to do himself or herself; and

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      (h)     do all such other things as may be necessary for winding-up the affairs of the company and distributing its assets.

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    (3)   The exercise by the liquidator in a winding-up by the court of the powers conferred by this section shall be subject to the control of the court, and any creditor or contributory may apply to the court with respect to any exercise or proposed exercise of any of those powers.

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