Companies Act 2014 section 629

Notice to be given with respect to exercise of powers, restrictions on self-dealing, etc.

Section 629 sets out the notification requirements when a liquidator exercises certain powers and imposes restrictions on self-dealing by liquidators and committee of inspection members during a winding up.

• A liquidator must notify relevant stakeholders within 14 days of exercising key powers such as carrying on the company's business or making calls on contributories, unless the claim or call is €500 or less
• A liquidator cannot privately sell a significant non-cash asset to a current or recent officer of the company without giving at least 14 days' notice to all known creditors
• Neither the liquidator nor any member of the committee of inspection may purchase any part of the company's property, and the liquidator must not buy goods for the business from anyone with whom they have a profit-sharing connection
• These self-dealing restrictions can be overridden with express approval from the committee of inspection, a majority of creditors, or a majority of members (depending on the type of winding up), but the costs of obtaining that approval must be borne personally by the person seeking it

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