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The Insolvency (England and Wales) Rules 2016
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CHAPTER 9Duties and powers of liquidator
[Note: a document required by the Act or these Rules must also contain the standard contents set out in Part 1.]
General duties of liquidator
7.76.—(1) The duties which the Act imposes on the court relating to the collection of the company’s assets and their application in discharge of the company’s liabilities are discharged by the liquidator as an officer of the court subject to its control.
(2) In the discharge of the liquidator’s duties, the liquidator, for the purposes of acquiring and retaining possession of the company’s property, has the same powers as a receiver appointed by the High Court, and the court may on the application of the liquidator enforce such acquisition or retention accordingly.
Permission for exercise of powers by liquidator
7.77.—(1) Where the Act or these Rules require permission for the liquidator to exercise a power any permission given must not be a general permission but must relate to a particular proposed exercise of the liquidator’s power.
(2) A person dealing with the liquidator in good faith and for value is not concerned to enquire whether any such permission has been given.
(3) Where the liquidator has done anything without such permission, the court or the liquidation committee may, for the purpose of enabling the liquidator to meet the liquidator’s expenses out of the assets, ratify what the liquidator has done; but neither must do so unless satisfied that the liquidator has acted in a case of urgency and has sought ratification without undue delay.
(4) In this rule “permission” includes “sanction”.
Enforced delivery up of company’s property (section 234)
7.78.—(1) The powers conferred on the court by section 234 (enforced delivery of company property) are exercisable by the liquidator or, where a provisional liquidator has been appointed, by the provisional liquidator.
(2) Any person on whom a requirement under section 234(2) is imposed by the liquidator or provisional liquidator must, without avoidable delay, comply with it.
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