Part 10 — Dissolution Division 1 Cancellation of Incorporation
249 Release of liquidator
by the Court has realized all the property of the company, or so
much thereof as can, in the liquidator's opinion, be realized without
needlessly protracting the liquidation, and has distributed a final
dividend, if any, to the creditors and adjusted the rights of the
contributories among themselves, and made a final return, if any, to
the contributories, or has resigned, or has been removed from
office, the Court may, on the liquidator's application, cause a report
on the liquidator's accounts to be prepared, and, on the liquidator's
complying with all the requirements of this Act, may take into
consideration the report, and any objection which may be urged by
any creditor, or contributory, or person interested against the
release of the liquidator, and may either grant or withhold the
release accordingly.
(2) If the release of a liquidator is withheld, the Court may, on the
application of any creditor or contributory, or person interested,
make any order it thinks just, charging the liquidator with the
consequences of any act or default that the liquidator may have
done or made contrary to his or her duty.
(3) An order of the Court releasing the liquidator discharges the
liquidator from all liability in respect of any act done or default
made by the liquidator in the administration of the affairs of the
company, or otherwise in relation to the liquidator's conduct as
liquidator, but the order may be revoked on proof that it was
obtained by fraud or by suppression or concealment of any material
fact, or may be reversed on appeal to the Court of Appeal.
(4) If the liquidator has not previously resigned or been removed,
the liquidator's release operates as a removal of the liquidator from
his or her office.
RSA 2000 cC-21 s249;2020 c25 s2(106)
RSA 2000