Section 165

This section has effect where a company is being wound up voluntarily, but subject to section 166 below in the case of a creditor’s voluntary winding up. The liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4. The liquidator may— exercise the court’s power of settling a list of contributories (which list is prima facie evidence of the liability of the persons named in it to be contributories), exercise the court’s power of making calls, summon general meetings of the company for the purpose of obtaining its sanction by special resolution or for any other purpose he may think fit. The liquidator shall pay the company’s debts and adjust the rights of the contributories among themselves. Where the liquidator in exercise of the powers conferred on him by this Act disposes of any property of the company to a person who is connected with the company (within the meaning of section 249 in Part VII), he shall, if there is for the time being a liquidation committee, give notice to the committee of that exercise of his powers.

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Source: legislation.gov.uk · retrieved 2026-09-04