S.L. 234.42 Art. 149Distribution of property of company.

(1) Subject to the provisions of these regulations and of any other law as to preferential debts or payments, and to the provisions of the Act, the property of a company shall, on its winding up, be applied in satisfaction of its liabilities in accordance with the preferences available to them by law and pari passu within the same rank of creditors, and, subject to such application, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.

(2) The liquidator may -

(a) in the case of a members’ voluntary winding up, with the sanction of an extraordinary resolution of the company, and, in the case of a creditors’ voluntary winding up, with the sanction of the court or of the liquidation committee or, if there is no such committee, of a meeting of the creditors, exercise any of the powers given by regulation 110(1)(c), (d) and

(e) to a liquidator in a winding up by the court;

(b) without sanction, exercise any of the other powers given by these regulations to a liquidator in a winding up by the court;

(c) exercise the power of the court of making calls; and

(d) summon general meetings of the company for the purpose of obtaining the sanction of the company by extraordinary resolution or for any other purpose he may think fit.

(3) The liquidator shall pay the debts of the company.

(4) When several liquidators are appointed, any power given by these regulations may be exercised by such one or more of them as may be determined at the time of their appointment or, in default of such determination, by any number being not less than two.