Section 184Part 6 — Forfeiture of Cash and Property
Winding up of company holding realisable property
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Where realisable property is held by a company and an order for the winding up of the company has been made or a resolution has been passed by the company for the voluntary winding up, the functions of the liquidator (or any provisional liquidator) shall not be exercisable in relation to —
property for the time being subject to a restra int order made before the relevant time; and
any proceeds of property realised by virtue of this Act for the time being in the hands of a receiver appointed under section 52 .
Where, in the case of a company, such an order has been made or such a resolution has been passed, the powers conferred on the Grand Court under this Act to make restraint or ders or to order the realisation of property on a receiver appointed by the order shall not be exercised in relation to any realisable property held by the company in relation to which the functions of the liquidator are exercisable —
so as to inhibit that liquidator from exercising those functions for the purpose of distributing any property held by the company to the company ’ s creditors; or
so as to prevent the payment out of any property of any expenses (including the remuneration of the liquidator or any provisional liquidator) properly incurred in the winding up in respect of the property.
Subsection (2) does not affect the enforcement of a charging order made under the prior Law and made before the relevant time or on property which was sub ject to a restraint order at the relevant time.
In this section “ relevant time ” means —
where no order for the winding up of the company has been made, the time of the passing of the resolution for voluntary winding up;
where such an order has been made and, before the presentation of the petition for the winding up of the company by the court, such a resolution had been passed by the company, the time of the passing of the resolution; and
in any other case where such an order has been made, the time of the making of the order. 185. Property subject to interim order, restraint order or disposal dealt with by trustee 185 . ( 1 ) Without prejudice to the generality of any provision of any other enactment, where — ( a ) a trustee in bankruptcy, seizes or disposes of any property in relation to which that trustee in bankruptcy’ s functions are not exercisable because it is subject to an interim order, a restraint order or a civil forfeiture order, and ( b ) at the time of the seizure or disposal that trustee in bankruptcy believes, and has reasonable grounds for believing, that that trustee in bankruptcy is entitled (whether in pursuance of an order of a court or otherwise) to seize or dispose of that property, that trustee in bankruptcy shall not be liable to any person in respect of any loss or damage resulting from the seizure or disposal except in so far as the loss or damage is caused by that trustee in bankruptcy ’s negligence in so acting, and that trustee in bankruptcy shall have a lien on the p roperty, or the proceeds of its sale, for such of that trustee in bankruptcy ’s expenses as were incurred in connection with the bankruptcy or other proceedings in relation to which the seizure or disposal purported to take place and for so much of that tru stee in bankruptcy ’s remuneration as may reasonably be assigned for that trustee in bankruptcy ’s acting in connection with those proceedings. ( 2 ) Where the trustee appointed as aforesaid incurs expenses in respect of such property as is mentioned in subsection (1) (a) and in so doing does not know and has no reasonable grounds to believe that the property is for the time being subject to an order under this Act , that trustee shall be entitled (whether or not that trustee has seized or disposed of that property so as to have a lien) to payment of those expenses.