Section 450. Liquidators in creditors voluntary winding up

(1) The company shall and the creditors may at their respective meetings nominate a person to be a liquidator for the purpose of winding up the affairs and distributing the assets of the company.

(2) If the creditors and the company nominate different persons, the person nominated by the creditors shall be liquidator and if no person is nominated by the creditors, the person nominated by the company shall be liquidator.

(3) Notwithstanding subsections (1) and (2), where different persons are nominated, any director, member or creditor may apply to the Court for an order directing that the person nominated as liquidator by the company shall be the liquidator or jointly with the person nominated by the creditors within seven days from the date on which the nomination was made by the creditors.

(4) The liquidator may, or if requested by any creditor or contributory shall, summon separate meetings of the creditors and contributors for the purpose of determining whether or not the creditors or contributories require the appointment of a committee of inspection as provided in Tenth Schedule, to act with the liquidator, and if so who are to be members of the committee.

(5) The committee of inspection, or if there is no such committee, the creditors may fix the remuneration to be paid to the liquidator.

(6) On the appointment of a liquidator, all the powers of the directors shall cease, except if the continuance of the powers is approved by—

(a) the committee of inspection; or

(b) if there is no such committee, the creditors.

(7) If a liquidator, other than a liquidator appointed by or by the direction of the Court dies, resigns or otherwise vacates the office, the creditors may fill the vacancy and for such purpose a meeting of the creditors may be summoned by any two of the creditors.