Section 241 — Companies Act 1993: Commencement of liquidation

241 Commencement of liquidation (1) A company may be put into liquidation by the appointment as liquidator of a named person or of an Official Assignee for a named district. (2) A liquidator may be appointed by— (a) special resolution of those shareholders entitled to vote and voting on the question; or (b) the board of the company on the occurrence of an event specified in the constitution; or (c) the Court, on the application of— (i) the company; or (ii) a director; or (iii) a shareholder or other entitled person; or (iv) a creditor (including any contingent or prospective creditor); or (v) if the company is in administration, the administrator; or (vi) the Registrar; or (d) a resolution of the creditors passed at the watershed meeting held under section 239AT . (3) An Official Assignee may be appointed liquidator of a company only— (a) If the special resolution passed in accordance with paragraph (a) of subsection (2) of this section is passed by reason of the Official Assignee exercising voting rights attaching to shares in the company of— (i) A person who has been adjudged bankrupt; or (ii) Another company of which the Official Assignee is liquidator; or (b) By the Court. (4) The Court may appoint a liquidator if it is satisfied that— (a) The company is unable to pay its debts; or (b) The company or the board has persistently or seriously failed to comply with this Act; or (c) The company does not comply with section 10 of this Act; or (d) It is just and equitable that the company be put into liquidation. (5) The liquidation of a company commences on the date on which, and at the time at which, the liquidator is appointed. Section 241(2): substituted, on 1 November 2007, by section 7 of the Companies Amendment Act 2006 (2006 No 56). Subsection (5) was substituted, as from 26 April 1999, by section 3 Companies Amendment Act 1999 (1999 No 19).