Winding-up
This section has no associated Explanatory Notes
40(1)Section 166 (liquidator’s powers and duties in creditors’ voluntary winding up) is amended as follows.
(2)In subsection (2), for the words from “during” to the end substitute “before—
(a)the company’s creditors under section 100 nominate a person to be liquidator, or
(b)the procedure by which the company’s creditors were to have made such a nomination concludes without a nomination having been made.”
(3)Omit subsection (4).
(4)In subsection (5), for the words from the beginning to the end of paragraph (b) substitute
“If the directors fail to comply with—
(a)section 99(1), (2) or (2A), or
(b)section 100(1B),”.