Powers of liquidator

Powers of liquidator (1)

1. (a) engage lawyers, accountants, engineers, appraisers and other professional advisors;
2. (b) institute, defend or take part in any civil, criminal or administrative proceeding in the name and on behalf of the Co-operative;
3. (c) carry on the business of the Co-operative as required for an orderly liquidation;
4. (d) sell by public auction any property of the Co-operative;
5. (e) do all acts and execute any documents in the name and on behalf of the Co-operative;
6. (f) borrow money on the security of the property of the Co-operative;
7. (g) settle or compromise any claims by or against the Co-operative; and
8. (h) do all other things that he/she considers necessary for the liquidation of the Co-operative and distribution of its property.

1. (2) Where a liquidator has reasons to believe that any person has in his/her possession or under his/her control, or has willfully withheld or misappropriated any property of the Co-operative, he/she may apply to the Court for an order requiring that person to restore the said property.
2. (3) No liquidator shall purchase, directly or indirectly, any part of the stock-in-trade, debts or assets of the Co-operative.