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Section 40
Functions, Duties and Powers of the Liquidator
: (1) In addition to the other provisions mentioned in this Act, the functions, duties and powers of the Liquidator shall be as follows:-
(a) prosecuting or defending any suit or any legal action on behalf of the Company,
(b) to appoint staff to assist in the performance of its duties,
(c) In case of non-payment of installments for shares of the company, to demand payment of such installments from the shareholders,
(d) to do or cause to be done all the work and writings or documents to be done on behalf of and in the name of the company and to use the seal of the company for that purpose,
(e) Obtaining loans while protecting the rights of the company,
(f) if it appears to the liquidator that the sale of any property or termination of any contract or liability would benefit the company, to sell such property or terminate such contract or liability,
(g) to settle with any creditor of the company or with any person who claims to be a creditor of the company in relation to the claim taken by him,
(h) To settle with such person in respect of any debt, liability or any other claim that may be claimed by the company against any person,
(j) To sell the company's assets and to distribute the proceeds in accordance with this Act, and
(j) To take all other actions necessary to liquidate the company.
(2) In addition to sub-section (1), it shall be the duty of the liquidator to do the following:-
(a) To collect, preserve and sell the assets of the company,
(b) examining the business and financial condition of the Company,
(c) To accept creditor's claim subject to paragraph-6,
(d) To distribute the proceeds from the sale of the company's assets subject to the order of priority determined for the payment of liabilities in accordance with this Act,
(e) Calling and conducting meetings of creditors,
(f) To prepare a report of his work and to submit it to the court and office,
(g) Facilitating cancellation of registration of companies, and
(h) any director or employee or shareholder or any person of the companyInvestigate whether or not the company or its creditors have committed fraud, fraud or deception and take necessary legal action against such persons.
(3) In addition to the duties, duties and rights written in sub-section (1) or (2), the liquidator may also take other actions such as taking back any property of the company if someone has used it or taking legal action to recover money from such property or canceled business. However, expenses that are not paid from the company's assets will not be allowed.
(4) Even if the company does not have sufficient funds to pay the necessary expenses or remuneration to the liquidator to exercise the rights or perform the duties written in sub-section (1), (2) or (3), he shall exercise such rights and perform the duties.
(5) If the liquidator is obstructed in exercising any right or performing any duty in accordance with this paragraph, he may apply to the court for the removal of the obstruction, and if such an application is received, the court may remove the obstruction if deemed necessary.
(a) prosecuting or defending any suit or any legal action on behalf of the Company,
(b) to appoint staff to assist in the performance of its duties,
(c) In case of non-payment of installments for shares of the company, to demand payment of such installments from the shareholders,
(d) to do or cause to be done all the work and writings or documents to be done on behalf of and in the name of the company and to use the seal of the company for that purpose,
(e) Obtaining loans while protecting the rights of the company,
(f) if it appears to the liquidator that the sale of any property or termination of any contract or liability would benefit the company, to sell such property or terminate such contract or liability,
(g) to settle with any creditor of the company or with any person who claims to be a creditor of the company in relation to the claim taken by him,
(h) To settle with such person in respect of any debt, liability or any other claim that may be claimed by the company against any person,
(j) To sell the company's assets and to distribute the proceeds in accordance with this Act, and
(j) To take all other actions necessary to liquidate the company.
(2) In addition to sub-section (1), it shall be the duty of the liquidator to do the following:-
(a) To collect, preserve and sell the assets of the company,
(b) examining the business and financial condition of the Company,
(c) To accept creditor's claim subject to paragraph-6,
(d) To distribute the proceeds from the sale of the company's assets subject to the order of priority determined for the payment of liabilities in accordance with this Act,
(e) Calling and conducting meetings of creditors,
(f) To prepare a report of his work and to submit it to the court and office,
(g) Facilitating cancellation of registration of companies, and
(h) any director or employee or shareholder or any person of the companyInvestigate whether or not the company or its creditors have committed fraud, fraud or deception and take necessary legal action against such persons.
(3) In addition to the duties, duties and rights written in sub-section (1) or (2), the liquidator may also take other actions such as taking back any property of the company if someone has used it or taking legal action to recover money from such property or canceled business. However, expenses that are not paid from the company's assets will not be allowed.
(4) Even if the company does not have sufficient funds to pay the necessary expenses or remuneration to the liquidator to exercise the rights or perform the duties written in sub-section (1), (2) or (3), he shall exercise such rights and perform the duties.
(5) If the liquidator is obstructed in exercising any right or performing any duty in accordance with this paragraph, he may apply to the court for the removal of the obstruction, and if such an application is received, the court may remove the obstruction if deemed necessary.