Section 143: Liquidator in creditors’ winding up(cid:3)

143. Liquidator in creditors’ winding up(cid:3) (1) The creditors may nominate a person to be the liquidator for the purpose of winding up the affairs and distributing the assets of the company, and if the creditors and the directors nominate different persons, the person nominated by the creditors shall be the liquidator, and if no person is nominated by the creditors, the person nominated by the directors shall be the liquidator.(cid:3) (2) Where different persons are nominated, any director, shareholder or creditor may, within 7 days after the date on which the nomination was made by the creditors, apply to the Court for an order directing that the person nominated as liquidator by the directors shall be the liquidator instead of or jointly with the person nominated by the creditors.(cid:3) (3) The committee of inspection or, if there is no such committee, the creditors may fix the remuneration to be paid to the liquidator.(cid:3) (4) On the appointment of a liquidator, all the powers of the directors shall cease, except so far as the committee of inspection or, if there is no such committee, the creditors approve the continuance thereof.(cid:3) (5) Where a liquidator, other than a liquidator appointed by or by the direction of the Court, dies, resigns or otherwise vacates the office, the creditors may fill the vacancy and for the purpose of so doing, a meeting of the creditors may be summoned by any 2 of their number.(cid:3)