s 27 Winding up of company holding realisable property
27.—(1) 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) are not exercisable in relation to —(a) property for the time being subject to a restraint order made before the relevant time; and (b) any proceeds of property realised by virtue of section 19(6) or 22(6) or (7) for the time being in the hands of the Public Trustee or a receiver under section 19 or 22, but there is payable out of such property any expenses (including the remuneration of the liquidator or provisional liquidator) properly incurred in the winding up in respect of the property. (2) Where, in the case of a company, such an order has been made or such a resolution has been passed, the powers conferred on the General Division of the High Court by sections 19 to 23 or on a receiver so appointed are not to be exercised in relation to any realisable property held by the company in relation to which the functions of the liquidator are exercisable —(a) so as to inhibit the liquidator from exercising those functions for the purpose of distributing any property held by the company to the company’s creditors; or (b) so as to prevent the payment out of any property of expenses (including the remuneration of the liquidator or any provisional liquidator) properly incurred in the winding up in respect of the property.[40/2019] (3) Nothing in the Insolvency, Restructuring and Dissolution Act 2018 is to be taken as restricting, or enabling the restriction of, the exercise of those powers mentioned in subsection (2).[40/2018] (4) 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. (5) In this section —“company” means any company which may be wound up under the Insolvency, Restructuring and Dissolution Act 2018; “the relevant time” means —(a) where no 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 making of the application for the winding up of the company by the General Division of the High Court, such a resolution had been passed by the company —the time of the passing of the resolution; and (c) in any other case where such an order has been made — the time of the making of the order.[24 [42/2005; 40/2018; 40/2019]