Companies Act, 2017

PART-X

OFFICIAL LIQUIDATORS

From: 2023-11-01 - To: 0000-00-00 353. Appointment of liquidator.- (1) In a members’ voluntary winding up, the company in general meeting shall appoint one or more liquidators, whose written consent to act as such has been obtained in advance, for the purpose of winding up the company’s affairs and distributing its assets. (2) On the appointment of a Liquidator all the powers of the board shall cease, except for the purpose of giving notice of resolution to wind up the company and appointment of liquidator and filing of consent of liquidator in pursuance of sections 351 and 363 or in so far as the company in general meeting, or the liquidator sanctions the continuance thereof. (3) The liquidator shall subject to the specified limits be entitled to such remuneration by way of percentage of the amount realised by him by disposal of assets or otherwise, as the company in general meeting may fix having regard to the nature of the work done, experience, qualification of such liquidator and size of the company: Provided that different percentage rates may be fixed for different types of assets and items. (4) In addition to the remuneration payable under sub-section (3), the…