217. Powers of liquidator
(1) Any liquidator may exercise any of the powers specified in Schedule 4 (Powers of Liquidator in a winding-up).
(2) Subsection (3) applies where, in the case of a creditors' voluntary winding-up, a liquidator has been nominated by the Company.
(3) The powers conferred on the liquidator by this Section shall not be exercised during the period before the holding of the creditors' meeting under Section 186 (Meetings of members and creditors), save for the power of the liquidator to do all such things as may be necessary for the protection or preservation of the Company's property.
(4) If the liquidator fails without reasonable excuse to comply with subsection (3) he commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.
(5) The following subsections apply where a Company's goods are taken in execution and, before their sale or the completion of the execution (by the receipt or recovery of the full amount of the levy), notice is served on the enforcement agent charged with execution of the writ or other process, that a provisional liquidator has been appointed or that a winding-up order has been made, or that a resolution for voluntary winding-up has been passed.
(6) The enforcement agent shall, on being so required, deliver the goods and any money seized or received in part satisfaction of the execution to the liquidator; but the costs of execution are a first charge on the goods or money so delivered, and the liquidator may sell the goods, or a sufficient part of them, for the purpose of satisfying the charge.
(7) If under an execution in respect of a judgment for a sum exceeding $500 a Company's goods are sold or money is paid in order to avoid sale, the enforcement agent shall deduct the costs of the execution from the proceeds of sale or the money paid and retain the balance for 14 days.
(8) If within that time notice is served on the enforcement agent of a petition for the winding-up of the Company having been presented, or of a meeting having been called at which there is to be proposed a resolution for voluntary winding-up, and an order is made or a resolution passed (as the case may be), the enforcement agent shall pay the balance to the liquidator, who is entitled to retain it as against the execution creditor.
(9) The rights conferred by this section on the liquidator may be set aside by the Court in favour of the creditor to such extent and subject to such terms as the Court thinks fit.
(10) In this section —
(a) "goods" includes all chattels personal; and
(b) "enforcement agent" means an individual who is authorised to act as an enforcement agent under the Section 95 of the Courts, Civil Evidence, Judgments, Enforcement and Judicial Appointments Regulations 2015.
(11) The money sum for the time being specified in subsection (7) is subject to increase or reduction by rules made by the Board.