Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
193 Powers of Court
provincial company, the Court may, where it is satisfied that the
company is able to pay or adequately provide for the discharge of
all its obligations and to make satisfactory arrangements for the
protection of its policyholders, make any order it thinks fit,
including, without limiting the generality of the foregoing,
(a) an order to liquidate;
(b) an order appointing a liquidator, with or without security,
fixing a liquidator's remuneration and replacing a liquidator;
(c) an order appointing inspector s or referees, specifying their
powers, fixing their remuneration and replacing inspectors
or referees;
RSA 2000
(d) an order determining the notice to be given to any interested
person, or dispensing with notice to any person;
(e) an order determining the validity of any claims made against
the company;
(f) an order, at any stage of the proceedings, restraining the
directors and officers of the company from
(i) exercising any of their powers, or
(ii) collecting or receiving any debt or other property of the
company, and from paying out or transferring any
property of the company,
except as permitted by the Court;
(g) an order determining and enforcing the duty or liability of
any present or former director, officer, policyholder or
shareholder
(i) to the company, or
(ii) for an obligation of the company;
(h) an order approving the payment, satisfaction or compromise
of claims against the company and the retention of assets for
that purpose, and determining the adequacy of provisions
for the payment, discharge or transfer of any obligation of
the company, whether liquidated, unliquidated, future or
contingent;
(i) with the concurrence of the Minister, an order providing for
the disposal or destruction of the documents, records or
registers of the company;
(j) on the application of a creditor, an inspector or the
liquidator, an order giving directions on any matter arising
in the liquidation;
(k) after notice has been given to all interested parties, an order
relieving the liquidator from any omission or default on
such terms as the Court thinks fit and confirming any act of
the liquidator;
(l) subject to sections 199, 200 and 202, an order approving any
proposed, interim or final distribution to shareholders, if
any, or incorporators, in money or in property;
RSA 2000
(m) an order disposing of any property belonging to creditors,
policyholders, shareholders and incorporators who cannot
be found;
(n) on the application of any director, officer, policyholder,
shareholder, incorporator or creditor or the liquidator,
(i) an order staying the liquidation proceedings on the terms
and conditions the Court thinks fit,
(ii) an order continuing or discontinuing the liquidation
proceedings, or
(iii) an order to the liquidator to restore to the company all of
its remaining property;
(o) after the liquidator has rendered the liquidator's final
account to the Court, an order directing the company to
apply to the Minister for a certificate dissolving the
company.
(2) The Court may appoint any person as liquidator including a
director, an officer or a shareholder of the provincial company
being liquidated or of any other provincial company.
1999 cI-5.1 s193