PART VWinding Up.
(iii) VOLUNTARY WINDING UP
Provisions applicable to a Creditors' Voluntary Winding Up.
296Fixing of liquidators' remuneration and cesser of directors' powers.
1
The committee of inspection, or if there is no such committee, the creditors, may fix the remuneration to be paid to the liquidator or liquidators.
2
On the appointment of a liquidator, all the powers of the directors shall cease, except so far as the committee of inspection, or if there is no such committee, the creditors, sanction the continuance thereof.