Insolvency Act 1986, section 166(2): in a creditors' voluntary winding up, no sale before the creditors nominate a liquidator without the court's sanction (IA 1986 s.166(2))
In a creditors' voluntary winding up, a liquidator the members chose cannot sell the company's property, its records included, before the creditors' nomination, unless the court sanctions it.
Dated 28 Oct 2026Source checked 28 Oct 2026Basis: primary text
In the source's own words
“The powers conferred on the liquidator by section 165 shall not be exercised, except with the sanction of the court, before— (a) the company's creditors under section 100 nominate a person to be liquidator, or (b) the procedure by which the company's creditors were to have made such a nomination concludes without a nomination having been made.”
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