Regulations 11. Engagement of professionals.— (1) A liquidator may engage professionals to assist him in the discharge of his duties, obligations and functions for a reasonable remuneration and such remuneration…
Regulations 10. Registers and books of account.— (1) Where the books of account of the corporate person are incomplete on the liquidation commencement date, the liquidator shall have them completed…
Regulations 9. Preliminary Report.— (1) The liquidator shall submit a Preliminary Report to the corporate person within forty five days from the liquidation commencement date, detailing- (a) the capital structure…
Regulations 8. Reporting.— (1) The liquidator shall prepare and submit- (a) Preliminary Report;(b) Annual Status Report;(c) Minutes of consultations with stakeholders; and(d) Final Report in the manner specified under these…
Regulations 7. Liquidator’s remuneration.— The remuneration payable to the liquidator shall form part of the liquidation cost.
Regulations 6. Eligibility for appointment as liquidator.— (1) An insolvency professional shall be eligible to be appointed as a liquidator if he, and every partner or director of the insolvency…
Regulations 5. Appointment of Liquidator.— (1) Subject to regulation 6, the corporate person shall appoint an insolvency professional as liquidator, and, wherever required, may replace him by appointing another insolvency…
Regulations 4. Effect of liquidation— (1) The corporate person shall from the liquidation commencement date cease to carry on its business except as far as required for the beneficial winding…
Regulations 3. Initiation of Liquidation. — (1) Without prejudice to section 59(2), liquidation proceedings of a corporate person shall meet the following conditions, namely: — (a) a declaration from majority…
Regulations 2. Definitions. — (1) In these Regulations, unless the context otherwise requires- (a) “Code” means the Insolvency and Bankruptcy Code, 2016;(b) “contributory” means a member of a company, partner…