COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 284 Effect of supervision order.

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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 284

Effect of supervision order.

284.(1) Subject to sub-section (2), where an order is made for a winding up
subject to supervision, the liquidator may, subject to any restrictions
imposed by the court, exercise all his powers, without the sanction or
intervention of the court, in the same manner as if the company were being
wound up altogether voluntarily.

(2) The powers specified in paragraphs (c), (d) and (e) of sub-section (1) of
section two hundred and twenty-seven shall not be exercised by the liquidator
except with the sanction of the court or, in a case where before the order the
winding up was a creditors' voluntary winding up, with the sanction of
the court or the committee of inspection, or (if there is no such committee) a
meeting of the creditors.

(3) Subject to sub-section (4), a winding up subject to the supervision of
the court is not a winding up by the court for the purpose of the following
provisions, namely, those contained in [sections two hundred and twenty-one,
two hundred and twenty-two, two hundred and twenty-four (except paragraph
(h)), two hundred and twenty-eight and two hundred and twenty-nine], but,
subject as aforesaid, an order for a winding up subject to supervision shall
for all purposes be deemed to be an order for winding up by the court.

(4) Where the order for winding up subject to supervision was made in relation
to a creditors' voluntary winding up in which a committee of inspection had
been appointed, the order shall be deemed to be an order for winding up by
the court for the purpose of section two hundred and twenty-nine (except
sub-section (1) thereof) except in so far as the operation of that section is
excluded in a voluntary winding up by [rules of court.]

Debts of all descriptions may be proved.

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Northern Irish Legislation

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 284