This is new. It imposes on the liquidator the obligation to publish the fact of his appointment in Iris Oifigiúil. Up to the present time, the publication by the liquidator of his appointment is dealt with by court rules. It is considered more desirable to enact a statutory requirement for this purpose.
SECTION 227.
Question proposed : "That Section 227 stand part of the Bill."
Is the liquidator in this case the court's officer ?
Yes.
If he fails to comply, he will be fined £50. This is a terrible fate for the liquidator.
He is the appointee of the court.
It is a useful provision.
The voluntary liquidator is required to do this and it was thought desirable to have uniformity.
In subsection (1) the court appoints him and in subsection (2) they fine him £50 if he does not comply. That is a curious combination.
It is a provision against an oversight rather than a deliberate misfeasance by the liquidator. What we are providing for is that he shall publish particulars of his appointment in Iris Oifigiúil. It has nothing to do with the actual winding up proceedings. It is for the protection of the public and to prevent the public acting in ignorance of the fact that a liquidator has been appointed.
Whatever safeguards these are, they are only worth £50—publishing the fact of his appointment in Iris Oifigiúil.
He will publish it very quickly after the payment of the £50.
It is quite a lot for a lapse of memory.
Question put and agreed to.