Companies Act 2014 section 637

Appointment and removal in a creditors' voluntary winding up

Section 637 sets out the rules governing how creditors can appoint or remove a liquidator during a creditors' voluntary winding up, after the initial liquidator has already been appointed.

• Creditors may remove the current liquidator, appoint a replacement or additional liquidator, or fill a vacancy, by passing a resolution at a meeting called specifically for that purpose
• The resolution must be supported by a majority in value of the creditors present (in person or by proxy) and voting on it
• A creditors' meeting for this purpose may be convened by any creditor with written authority from at least one-tenth in value of the creditors, or by the existing liquidator, on 10 days' notice
• The court retains an overriding power to make orders on the matter, on application by any creditor or the existing liquidator