Section 17

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 the voluntary winding up, the functions of the liquidator or any provisional liquidator shall not be exercisable in relation to -

(a}

any property for the time being subject to a restraint order made before the relevant time; and

{b}

any proceeds of property realised under subsection (8) of section 10

or subsections (5) or (6) of section 12 for the time being in the hands of a receiver appointed under sections 10 or 12.

Where, such an order has been made or such a resolution has been passed, the powers conferred on the Court by sections 10 to 12 or on a receiver appointed by the order 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 so as to -

{a}

inhibit him from exerc1smg those functions for the purpose of distributing any property held by the company to the company's creditors; or

{b}

prevent the payment out of any property of any expenses (including the remuneration of the liquidator or any provisional liquidator)

properly incurred in the winding up in respect of the property.

Nothing in the Companies Act (Chapter 39) shall be taken as restricting, or enabling the restriction of, the exercise of those powers.

Subsection (2) does not affect the enforcement of a charging order made before the relevant time or on property which was subject to a restraint order at the relevant time.

In this section, "relevant time" means -

(a} where an 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;

{c}

in any other case where such an order has been made, the time of the making of the order for winding up.

996

Receivers: supplementary provisions.