Article 83 - Choice of Liquidator at meetings of creditors and contributories
(1) Where the
QFC Court orders that a Company be wound up, the QFC Court shall identify in the order the person who is to act as Liquidator of the Company, and that person shall take office immediately upon the order being made. That person shall within 21 days summon meetings of the Company's creditors and contributories for the purpose of choosing a person to be Liquidator of the Company in his place.
(2) The remuneration and any expenses properly incurred by the person appointed by the
QFC Court under Article 83(1) shall be a first charge on and paid out of any property arising from the exercise of his functions as Liquidator and which is in his custody or under his control at that time.
(3) The creditors and the contributories at their respective meetings may nominate a person to be
Liquidator shall be the person nominated by the creditors or, where no person has been so nominated, the person (if any) nominated by the contributories.
(5) In the case of different persons being nominated, any shareholder or other person liable to contribute to the assets of the
Company or creditor may, within seven days after the date on which the nomination was made by the creditors, apply to the QFC Court for an order either:
(A) appointing the person nominated as
Liquidator by the contributories to be a Liquidator instead of, or jointly with, the person nominated by the creditors; or
(B) appointing some other person to be
Liquidator instead of the person nominated by the creditors.