147.—(1) This Article applies with respect to the release of the liquidator of a company which is being wound up voluntarily.
(2) A person who has ceased to be a liquidator shall have his release with effect from the following time, that is to say—
(a)in the case of a person who has been removed from office by a general meeting of the company or by a general meeting of the company’s creditors that has not resolved against his release or who has died, the time at which notice is given to the registrar in accordance with the rules that that person has ceased to hold office;
(b)in the case of a person who has been removed from office by a general meeting of the company’s creditors that has resolved against his release, or by the High Court, or who has vacated office under Article 145(4), such time as the Department may, on the application of that person, determine;
(c)in the case of a person who has resigned, such time as may be prescribed;
(d)in the case of a person who has vacated office under Article 145(6)(a), the time at which he vacated office;
(e)in the case of a person who has vacated office under sub-paragraph (b) of Article 145(6)—
(i)if the final meeting of the creditors referred to in that sub-paragraph has resolved against that person’s release, such time as the Department may, on an application by that person, determine, and
(ii)if that meeting has not resolved against that person’s release, the time at which he vacated office.
(3) Where a liquidator has his release under paragraph (2), he is, with effect from the time specified in that paragraph, discharged from all liability both in respect of acts or omissions of his in the winding up and otherwise in relation to his conduct as liquidator.
(4) Nothing in this Article prevents the exercise, in relation to a person who has had his release under paragraph (2), of the High Court’s powers under Article 176 (summary remedy against delinquent directors, liquidators, etc.).