company or its creditors since the formation thereof and any other matters which in his opinion it is desirable to
bring to the notice of the court.
Provisions Specially Applicable in Winding Up by Court
217 Application of sections
Sections two hundred and eighteen to two hundred and forty-one shall apply in relation to the winding up of a
company by the court.
218 Custody of property and appointment of liquidator
(1 ) In conducting the proceedings in a winding up by the court the Master shall, subject to sections two hundred and nineteen and two hundred and seventy-four, appoint a liquidator or liquidators.
(2 ) On a winding -up order being made or thereafter when, for whatever cause, there is no person acting as
liquidator of the company—
(a ) all the property of the company shall be deemed to be in the custody or control of the Master until a
liquidator or provisional liquidator is appointed and is capable of acting as such;
(b ) subject to section two hundred and seventy -four, the Master may appoint any fit person or shall appoint
any person whom the court has directed to be appointed as a provisional liquidator of the company to
hold office until the appointment of a liquidator, and may, or shall, as so ordered by the court, restrict his
powers by the terms of his letter of appointment.
(3 ) When a vacancy occurs in the office of liquidator the Master shall fill the vacancy by making an a ppointment under section two hundred and nineteen and two hundred and seventy-four.
(4 ) Where no name of any person has been submitted to the Master for appointment as liquidator as a result
of the summoning of a meeting of creditors or contributories in terms of section two hundred and twenty-one the
Master may—
(a ) appoint any fit person as the liquidator of the company and may authorize such liquidator to exercise
such of the powers set out in subsection (2) of section two hundred and twenty-one as the Master may
think fit; or
(b ) authorize the provisional liquidator of the company to sell the assets of the company and, after paying
the costs of liquidation, to lodge any surplus in the Guardian’s Fund.
219 Meetings of creditors and contributories
(1 ) When a final winding-up order has been made by the court, the Master shall summon separate meetings—
(a ) of the creditors of the company for the proof of claims against the company and for the purpose of
determining the person or persons whose names shall be submitted for appointment as liquidator or liquidators; and
(b ) of the contributories of the company for the purpose of determining the person or persons whose names
shall be submitted for appointment as liquidator or liquidators.
(2 ) Where in regard to the said appointment there is no difference between the determinations of the meetings of the creditors and contributories or where there is a determination of the meeting of the creditors only or of
the meeting of the contributories only, the Master may make any appointment required to give effect to any such
determination.
(3 ) Where there is a difference between the determinations of the meetings of the creditors and of the contributories, the Master shall call a joint meeting of the creditors and contributories with a view to reaching an agreement and, if no agreement is reached, the Master shall make such appointment as he may think fit. Any such
appointment shall be subject to an appeal within fourteen days to a judge in chambers, made by the creditors or
contributories or both. On any such appeal the judge may make such order thereon and as to costs as he may think
fit.
(4 ) Meetings of creditors and contributories shall, unless otherwise in this Act specially provided, be co nvened and held in the manner prescribed in the rules framed under section three hundred and fifty-nine.
(5 ) Where the provisional liquidator of a company has been authorized in terms of paragraph (b) of subsection (4 ) of section two hundred and eighteen to sell the assets of the company any creditor of the company may,
upon tendering to the provisional liquidator such sum as the Master may fix to cover the costs of calling a meeting
of creditors and the fee of the provisional liquidator, request the provisional liquidator to summon a meeting of
creditors for the purpose of proving his claim against the company and submitting the name of some person to the
Master for appointment as liquidator of the company.
(6 ) Where a request has been made to him in terms of subsection (5 ) and the sum referred to in that subsection has been tendered to him, the provisional liquidator shall summon a meeting of creditors which shall be
deemed to be summoned in terms of paragraph (a) of subsection (1).
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