Criminal Justice Act, 1994
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Winding up of company holding realisable property. |
30.—(1) Where realisable property is held by a company and an order for the winding up of the company has been made or a resolution has been passed by the company for a voluntary winding up, the functions of the liquidator (or any provisional liquidator) shall not be exercisable in relation to— | |
(a) property for the time being subject to a restraint order made before the relevant time, and | ||
(b) any proceeds of property realised by virtue of section 20 (5) or (6) or 24 (7) of this Act for the time being in the hands of a receiver. | ||
(2) Where, in the case of a company, such an order has been made or such a resolution has been passed, the powers conferred by section 20 or 24 of this Act on the High Court or on a receiver shall not be exercised in relation to any realisable property held by the company in relation to which the functions of the liquidator are exercisable— | ||
(a) so as to inhibit him from exercising those functions for the purpose of distributing any property held by the company to the company's creditors, or | ||
(b) so as to prevent the payment out of any property of expenses (including the remuneration of the liquidator or any provisional liquidator) properly incurred in the winding up in respect of the property. | ||
(3) In this section— | ||
“company” means any company which may be wound up under the Companies Acts, 1963 to 1990; | ||
“relevant time” means— | ||
(a) where no order for the winding up of the company has been made, the time of the passing of the resolution for voluntary winding up, | ||
(b) where such an order has been made and, before the presentation of the petition for the winding up of the company by the court, such a resolution had been passed by the company, the time of the passing of the resolution, and | ||
(c) in any other case where such an order has been made, the time of the making of the order. |