(a) Under section 241 (1) of the Companies Act, a liquidator is entitled to exercise the following powers with sanction of court or committee of inspection
-Bring or defend actions or other legal proceedings in the name of and on behalf of the company.-Carry on the business of the company so far as may be necessary for beneficial winding up.
- Pay any classes of creditors in full.
- Make any compromise or arrangement with creditors.
- To compromise all calls and liabilities to calls and other debts and liabilities.
- Appoint an advocate to assist him in the performance of his duties.
(b)
Under section 241 (2) of the Companies Act, the following powers are exercisable by the liquidator without sanction of the court or committee of inspection.
-Sell movable and immovable property and things in action of the company.
- Do all acts and execute all deeds, receipts and other documents in the name of and on behalf of the company.
-Prove, rank and claim in the bankruptcy or insolvency of any contributory for any balance.
- Draw, accept, make and endorse any bill of exchange or promissory note in the name of and on behalf of the company.
- Raise money on the security of the assets of the company.
- Appoint an agent to do any business which is unable to do.
- Do all such other things as may be necessary for winding up the affairs of the company and distributing its assets
marto answered the question on February 7, 2019 at 05:57
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