Powers of liquidator

(1) In order to perform the duties imposed on him under section 100, a liquidator has all powers of the company that are not reserved to the members under this Act or in the Memorandum or Articles, including, but not limited to, the (a) to take custody of the assets of the company and, in connection therewith, to register any property of the company in the name of the liquidator or that of his nominee; (b) to sell any assets of the company at public auction or by private sale without any notice; (c) to collect the debts and assets due or belonging to the company; (d) to borrow money from any person for any purpose that will facilitate the winding-up and dissolution of the company and to pledge or mortgage any property of the company as security for any such borrowing; (e) to negotiate, compromise and settle any claim, debt, liability or obligation of the company; (f) to prosecute and defend, in the name of the company or in the name of the liquidator or otherwise, any action or legal proceedings; (g) to retain solicitors, accountants and other advisers and appoint agents; (h) to carry on the business of the company, if the liquidator has received authorisation to do so International Business Companies[CAP. 270 107 in the plan of liquidation or by a resolution of directors permitted under section 99 of this Act, as the liquidator may determine to be necessary or to be in the best interests of the creditors or members of the company; (i) to execute any contract, agreement or other instrument in the name of the company or name of the liquidator; and (j) to make any distribution in money or in other property or partly in each, and if in other property, to allot the property, or an undivided therein, in equal or unequal proportions. (2) Notwithstanding sub-section (1)(h), a liquidator shall not, without the permission of the court, carry on for a period in excess of two years the business of a company that is being wound-up and dissolved under this Act.