Section 173: Vacancy in office of liquidator

173. Vacancy in office of liquidator (1) The office of liquidator becomes vacant where the person holding office resigns, dies or ceases to be qualified under section 109. (2) A person, other than a person appointed by the Court, may resign from the office of liquidator by appointing another such person as his successor and submitting a notice of the appointment of his successor to the Director. (3) With the approval of the Court, a person appointed as a liquidator by the Court may resign from the office of liquidator. (4) The Court may, on the application of the company, or a shareholder or director or creditor of the company, review the appointment of a successor to a liquidator and may appoint any person who is qualified for appointment under section 109 to be the liquidator of the company. I14 – 101 [Issue 3] Insolvency Act (5) Where, for any reason other than resignation, a vacancy occurs in the office of liquidator, notice of the vacancy shall be submitted to the Director within 7 days by the person vacating office or, where that person is unable to act, by his personal representative. (6) Where, as the result of the vacation of office by a liquidator, other than a liquidator appointed by the Court, no person is acting as liquidator, the Director may appoint a person to act as liquidator until a successor is appointed under this section. (7) Where a vacancy occurs in the office of the liquidator, or a liquidator has been appointed under subsection (6), as the case may be, the Court may, on the application of the company, or a shareholder or director or creditor of the company, or the Director, appoint any person who is qualified for appointment as a liquidator under section 109 to be the liquidator of the company. (8) A person vacating the office of liquidator shall, where practicable, provide such information and give such assistance to that person’s successor as he reasonably requires in taking over the duties of liquidator.