Part 16 Liquidations

The process of liquidation

240 Interpretation


In this Act, unless the context otherwise requires,—

creditor means a person who, in a liquidation, would be entitled to claim in accordance with section 303 that a debt is owing to that person by the company; and includes a secured creditor only—


for the purposes of sections 241(2)(c), 247, 250, and 289; or


to the extent of the amount of any debt owing to the secured creditor in respect of which the secured creditor claims under section 305 as an unsecured creditor

liquidation committee means a liquidation committee appointed under section 314

Official Assignee means an Official Assignee or Deputy Assignee appointed under the Insolvency Act 2006

statutory demand has the meaning set out in section 289.


In this Part, company means—


a company within the meaning of section 2:


an overseas company to which this Part applies (see section 342):


an association (see section 240B):


any other body corporate to which this Part applies under any other enactment.


For the purposes of this Act, the power to appoint a liquidator of a company includes the power to appoint 2 or more persons as liquidators of a company.

Section 240(1) creditor: replaced, on 1 July 1994, by section 30 of the Companies Act 1993 Amendment Act 1994 (1994 No 6).

Section 240(1) Official Assignee: amended, on 3 December 2007, by section 445 of the Insolvency Act 2006 (2006 No 55).

Section 240(1A): inserted, on 1 March 2017, by section 6 of the Companies Amendment Act 2016 (2016 No 57).