Liquidation Subject to supervision by court.

Liquidation Subject to supervision by court.

• Where a company passes a resolution for voluntary liquidation, the court may make an order that it shall continue subject to supervision of court.

• An application for continuance of a voluntary liquidation subject to supervision of court shall for the purpose of giving jurisdiction to the court over actions be taken to be a petition for liquidation by the court.

• Where an order is made, the court may appoint another liquidator who shall have the same powers and be subject to the same obligations and in all respects be in the same position as if he had been duly appointed under the Insolvency Act.