Saturday, December 20, 2014

Liquidator Appointment Under Section 310 of A Company

  1. The company liquidator had to be appointed from the panel prepared by the central government.
  2. Now on appointment as Company Liquidator, such liquidator has to file a declaration in the prescribed from within 7 days of the date of appointment disclosing conflict of interest or lack of independence in respect of his appointment, if any, with the company and the creditors and such obligation shall continue throughout the term of his or its appointment.
  3. Now only one company liquidator shall be appointed as opposed to the Companies Act, 1956 where more than one can be appointed.
  4. The creditor shall in both the cases where they approve the liquidator appointed by the members or while appointing their own liquidator shall fix remuneration.
  5. The power given to director or member to file an application before the Tribunal that liquidator appointment by creditor should be appointed or some person to be appointed as liquidator has been dispensed with.
  6. The company in its AGM meeting shall fix the remuneration if any, to be paid to the liquidator or liquidators.
  7. The provision that any remuneration so fixed shall not be increased in any circumstances whatever, whether with or without the sanction of the Tribunal has been dispensed with.
  8. The provision that till the time the remuneration of the liquidator or liquidators is not fixed he shall not take change of his office has been dispensed with.
  9. The provision doesn’t specifies what will be the course of action if creditor neither appoints their own liquidator nor approve the liquidator appointed by the member.
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