289 Powers of liquidator in voluntary winding up under this Sub-Part

(1) Subject to subsection (2), in order to perform the duties imposed on him
under section 288, a liquidator appointed under this Sub-Part has all
under this Sub-Part
powers of the company that are not reserved to the members under this
Act or in the memorandum or articles, including, but not limited to, the
power —

(a) to take custody of the assets of the company and, in connection
therewith, to register any property of the company in the name of
the liquidator or that of his nominee;

(b) to sell any assets of the company at public auction or by private
sale without any notice;

(c) to collect the debts and assets due or belonging to the company;

(d) to borrow money from any person for any purpose that will
facilitate the winding-up and dissolution of the company and to
pledge or mortgage any property of the company as security for
any such borrowing;

(e) to negotiate and settle any claim, debt, liability or obligation of
the company, including to make any compromise or arrangement
with creditors or persons claiming to be creditors or having or
alleging themselves to have any claim of any nature against the
company;

(f) to bring or defend, in the name and on behalf of the company or
in the name of the liquidator, any action, suit, prosecution or
other legal proceedings, whether civil or criminal;

(g) to retain legal advisors, accountants and other advisors and
appoint agents;

(h) to carry on the business of the company, as the liquidator may
determine to be necessary or to be in the best interests of the
creditors or members of the company;

(i) to execute any contract, agreement or other instrument in the
name of and on behalf of the company or in the name of the
liquidator;

(j) to make calls of capital;

(k) to make, in accordance with this Part, any payment or distribution
in money or in other property or partly in each; and

(l) to do and execute all such other things as may be necessary for
winding up the affairs of the company and distributing its assets.


(2) Subsection (1) is subject to —

(a) an order of the Court in relation to the winding up of the
company or the liquidator‘s powers; and

(b) the rights of a secured creditor in relation to any assets of the
company over which the creditor has a security interest.

(3) Notwithstanding subsection (1)(h), a liquidator shall not, without the
permission of the Court, carry on the business of a company involuntary
winding up for a period of more than 2 years.

(4) Where more than one liquidator is appointed, every power hereby given
may be exercised —

(a) by one or more of them, as may be determined at the time of
their appointment; or

(b) in default of such determination, by any number not less than
two.