s 145 Exercise and control of liquidator’s powers
145.—(1) Subject to this Part and Parts 9, 10 and 11, the liquidator must, in the administration of the assets of the company and in the distribution of the assets of the company among the creditors of the company, have regard to any directions given by resolution of the creditors or contributories at any general meeting or by the committee of inspection, and any directions so given by the creditors or contributories, in case of conflict, override any directions given by the committee of inspection. (2) The liquidator —(a) may summon general meetings of the creditors or contributories for the purpose of ascertaining their wishes; and (b) must summon meetings —(i) at such times as the creditors or contributories by resolution direct; or (ii) whenever requested in writing to do so by not less than 10% in value of the creditors or contributories. (3) The liquidator may apply to the Court for directions in relation to any particular matter arising under the winding up. (4) Subject to this Part, the liquidator must use the liquidator’s own discretion in the management of the affairs and property of the company and the distribution of the assets of the company.