Article 57 - Powers of Liquidator
(1) Any Liquidator appointed in a winding up shall have the powers set out in Schedule 1.
(2) An officer of a Company who:
(A) fails to do whatever the Liquidator reasonably requires the officer to do to assist in the winding up;
(B) fails to comply with any reasonable direction given to the officer by the Liquidator pursuant to his powers in Schedule 1; or
(C) hinders or obstructs a Liquidator in the performance of his powers or functions
commits a contravention and is liable to a financial penalty.
(3) In this Article 57, an "officer" in relation to a Company means a person who is, or has been but is no longer, a director, a secretary, an employee involved in the management of the Company , an Administrator , a Supervisor in relation to an Arrangement , a Liquidator or a provisional Liquidator .
(4) A Liquidator may exercise his powers under these Regulations and other Regulations in respect of any person in, or out of, the QFC .
(5) In exercising such powers, the Liquidator shall comply with local requirements relevant to the exercise of those powers including, where appropriate, informing or proceeding in collaboration with a local regulator or authority.