S.L. 234.42 Art. 110Powers of liquidator.

(1) The liquidator in a winding up by the court shall have the power, with the sanction either of the court or of any liquidation committee -

(a) to bring or to defend any action or other legal proceeding in the name and on behalf of the company;

(b) to carry on the business of the company so far as may be necessary for the beneficial winding up thereof;

(c) to pay creditors according to their ranking at law;

(d) to make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or which may be due in damages against the company or whereby the company may be rendered liable, and to refer any such matter to arbitration;

(e) to represent the company in all matters and to do all such things as may be necessary for winding up the affairs of the company and distributing its assets.

(2) The liquidator in a winding up by the court shall, in particular, have the power -

(a) unless the company is prohibited from selling any ship under the terms of any registered mortgage or any court order, to sell the movable and immovable property, including any right, of the company by public auction or private agreement with power to transfer the whole or any part thereof;

(b) to do all acts and to execute, in the name and on behalf of the company, all deeds, receipts and other documents;

(c) to raise on the security of the assets of the company any money requisite;

(d) to appoint a mandatory to act for him in his capacity as liquidator for particular purposes;

(e) to do all such acts as may have been undertaken by the company towards any holder of a registered mortgage, and to consult with such mortgagee as may be necessary, in relation to any ship owned by the company and subject to a mortgage: Provided that nothing in this regulation shall permit the liquidator to impede or obstruct the exercise of rights by the mortgagee in terms of the Act or the terms of the mortgage.

(3) The exercise by the liquidator in a winding up by the court of the powers conferred by this regulation shall be subject to the control of the court, and any interested person may apply to the court with respect to any exercise or proposed exercise of any of those powers.