Section 148: Powers and duties of liquidator in voluntary winding up

148. Powers and duties of liquidator in voluntary winding up (1) A liquidator may— (a) exercise any of the powers given by paragraphs (d), (e) and (f) of the Sixth Schedule to a liquidator in a winding up by the Court— (i) in the case of a shareholders’ voluntary winding up, with the approval of a special resolution of the company; and (ii) in the case of a creditor’s voluntary winding up, with the approval of the Court or the committee of inspection; (b) exercise any other power given by this Act to a liquidator in a winding up by the Court; (c) exercise the power of the Court of settling a list of contributories, and the list of the contributories shall be prima facie evidence of the liability of the persons named therein to be contributories and sections 125 to 127 shall apply to the liability of contributories; (d) exercise the power of the Court under section 127 (2) of making calls; or (e) summon general meetings of the company for the purpose of obtaining the sanction of the company by special resolution in respect of any matter or for any other purpose he thinks appropriate. (2) The liquidator shall pay the debts of the company and adjust the rights of the contributories among themselves. (3) Where several liquidators are appointed, any power may be exercised by a liquidator designated at the time of their appointment, or in default of such determination, by any number not less than 2.