Procedure on winding-up

(1) An Order of the Court for the winding-up of a company under section 64 shall be subject to sections 66 to 70. (2) On making an Order for the winding-up of a company, the Court shall appoint a liquidator. (3) Subject to sub-sections (4) and (6), the liquidator shall act under the authority of the Court and may apply to the Court at any time for instructions as to the manner in which he shall conduct the winding-up or in relation to any matter arising in the course thereof. (4) The liquidator may, in the case of a company which was carrying on long-term insurance business, continue to carry on 103 the business with a view to it being transferred as a going concern to another insurance company, whether in existence or being formed for that purpose. (5) For the purpose of exercising his functions under sub- section (4), the liquidator may agree to the variation of any contracts of insurance in existence at the date of the order but he shall not effect any new contracts of insurance. (6) Where the liquidator is satisfied that the interests of the creditors in respect of liabilities of the company attributable to its long-term insurance business require the appointment of a special manager, he may apply to the Court for such an (7) The Court may on an application under sub-section (6), appoint a special manager to act during such time and with such powers as the Court may direct. (8) The Court shall give to the liquidator such directions as may appear necessary or desirable for the purpose of the (9) The liquidator shall furnish the Supervisor with such information as the Supervisor may from time to time require and shall report to him whenever he intends to apply to the Court for instruction, and particulars of the application shall be furnished simultaneously with the report. (10) The Supervisor is entitled to be heard on an application under sub-section (9) and may himself make an application to the Court to be heard on any matter relating to the conduct of the winding-up. (11) A liquidator or a special manager, or both, shall receive such remuneration as the Court directs and the Court , at any time, cancel the appointment of a liquidator or a special manager or both and appoint some other person as such. 104