S.L. 234.42 Art. 142Appointment and removal of liquidator.

(1) The creditors and the company at their respective meetings may nominate a person to be liquidator for the purpose of winding up the affairs and distributing the assets of the company. The nomination by the company of a person to be liquidator shall be made by an extraordinary resolution. If the creditors and the company nominate different persons, the person nominated by the creditors shall be liquidator, and if no person is nominated by the creditors the person, if any, nominated by the company shall be liquidator.

(2) Where no person is nominated to act as liquidator by either the creditors or the company, an application to the court for the appointment of a liquidator shall be made by any director of the company within fourteen days from the date for which the meeting of the creditors referred to in regulation 141 was summoned or at which the resolution passed at such meeting shall have come into effect in accordance with subregulation (4) of the said regulation 141, according to the case.

(3) The provisions of regulation 127 shall apply to the appointment of a liquidator under this regulation.

(4) If default is made by the directors in complying with the provisions of subregulation (2), every director who is in default shall be liable to a penalty, and, for every day during which the default continues, to a further penalty.