Section 103Part 5 — Company Restructuring and Winding Up
Duty to co - operate and the private examination of relevant persons
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This section applies to any person who, whether resident in the Islands or elsewhere —
has made or concurred with the statement of affairs;
is or has been a director or officer of the company;
is or was a professional service provider to the company;
has acted as a controller, advisor or liquidator of the company or receiver or manager of its property;
not being a person falling within paragraphs (a) to (c), is or has b een concerned or has taken part in the promotion, or management of the company, and such person is referred to in this section as the “ relevant person ”.
It is the duty of every relevant person to co - operate with the official liquidator.
While a com pany is being wound up, the official liquidator may at any time before its dissolution apply to the Court for an order —
for the examination of any relevant person; or
that a relevant person transfer or deliver up to the liquidator any property or documents belonging to the company.
Unless the Court otherwise orders, the official liquidator shall make an application under subsection (3) if that person is requested in accordance with the rules to do so by one - half, in value, of the company ’ s cred itors or contributories.
On an applic ation made under subsection (3)
, the Court may order that a relevant person — ( a ) swear an affidavit in answer to written interrogatories;
attend for oral examination by the official liquidator at a specified time and place, or
do both things specified in paragraphs (a) and (b).
The Court may direct that any creditor or contributory of the company be permitted by the official liquidator to participate in an oral examination.
The Court shall have jurisdiction —
to make an order under this section against a relevant person resident outside the Islands; and
to issue a letter of request for the purpose of seeking the assistance of a foreign court in obtaining the evidence of a relevant person resident outside the jurisdiction. Official Liquidators