I understand that the Bell Lines shipping company and four related companies were wound up by order of the High Court on 4 July 1997 and that a liquidator was subsequently appointed.
The liquidator is at present discharging his statutory functions, which include winding up the company, inquiring into its affairs and realising and distributing its assets. In addition, the liquidator has the responsibility to investigate the reasons for the liquidation and subsequently to apprise the High Court of the pertinent issues. On consideration of the liquidator's report, the court may declare, under section 150 of the Companies Act, 1990, that a person who was a director of the company shall not, for a period of five years, be appointed or act in any way as a director or secretary of any company, or otherwise be concerned or take part in the promotion or formation of any company, unless he meets certain strict requirements. Under section 160 of the same Act, the court also has the power to disqualify such persons from acting as directors, officers or promoters of any company for certain periods.
As the case is still subject to the High Court and as creditors have the right to have their views made known to the court at the appropriate time, it would not be appropriate to duplicate under Part II of the Companies Act, 1990, the investigative work which the liquidator is required by law to undertake in discharging his own statutory duties.
