(1) The company in general meeting shall appoint one, or more than one, liquidator for the purpose of winding-up the affairs and distributing the assets of the company, and may fix the remuneration to be paid to him or her or them.
(2) Subject to subsections (3) and (4), the company may by special resolution remove a liquidator and appoint another liquidator, but the removal or appointment does not have effect—
(a) until after the expiration of the period of 14 days after the date on which the resolution is passed; or
(b) if, within that period an application is made to the court under subsection (4), unless the Court dismisses the application or the application is withdrawn.
(3) In addition to the other requirements of this Act with respect to the giving of notice of meetings, the company shall give to all creditors and contributories of the company notice of any meeting at which a resolution under subsection (2) will be proposed, giving in the notice particulars of the proposals.
(4) A creditor or contributory of the company may, within the period of 14 days after the date on which a resolution under subsection (2) is passed, apply to the Court for an order cancelling the resolution and the Court may, if it is satisfied that it is fair and reasonable to do so, allow the application, but if not so satisfied shall dismiss the application.
(5) On the appointment of a liquidator all the powers of the directors shall cease, except so far as the company in general meeting or the liquidator, sanctions the continuance thereof.