Discuss the powers of the liquidator Without the sanction of the court.

Under section 241 (2) of the Companies Act, the following powers are exercisable by the liquidator without sanction of the court or committee of inspection.
• Sell movable and immovable property and things in action of the company.
• Do all acts and execute all deeds, receipts and other documents in the name of and on behalf of the company.
• Prove, rank and claim in the bankruptcy or insolvency of any contributory for any balance.
• Draw, accept, make and endorse any bill of exchange or promissory note in the name of and on behalf of the company.
• Raise money on the security of the assets of the company.
• Appoint an agent to do any business which is unable to do.
• To take out letter of administration to any deceased contributory in his official name.
• Do all such other things as may be necessary for winding up the affairs of the company and distributing its assets.

Leave a Reply

Your email address will not be published. Required fields are marked *