321 Powers of a liquidator appointed by the Court

(1) Subject to subsection (2), a liquidator appointed by the Court shall have
appointed by the Court
the following powers —

(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 pay any creditors in accordance with the provisions of this
Part;

(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;
and

(m) to do any other act authorised by the Court.


(2) Subsection (1) is subject to —

(a) an order of the Court in relation to the liquidator‘s powers,
including an order requiring the liquidator to obtain the Court‘s
sanction prior to the exercise of any specified power; and

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