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Winding up of company holding realisable property.
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46.— (1) In this section—
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“ company ” means any company which may be wound up under the Companies Acts 1963 to 2005;
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“ relevant time ” means—
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(a) where no order for the winding up of the company has been made, the time of the passing of the resolution for its voluntary winding up,
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(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
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(c) in any other case where such an order has been made, the time of the making of the order.
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(2) Where realisable property is held by a company and an order for its winding up has been made or a resolution for its voluntary winding up has been passed by it, the functions of the liquidator (or any provisional liquidator) shall not be exercisable in relation to—
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(a) property for the time being subject to—
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(i) a freezing order which was made before the relevant time, or
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(ii) an ICC order which is the subject of an enforcement order made before that time,
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(b) any property realised by virtue of such an order for the time being in the hands of a receiver appointed under this Part.
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(3) Where an order for the winding up of a company has been made or such a resolution passed, the powers of the High Court or of such a receiver shall not be exercised in relation to any realisable property held by the company concerned—
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(a) so as to inhibit the exercise of those powers for the purpose of distributing any property held by the company to the company's creditors, or
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(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.
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