WINDING UP 
237 
below two in number, it cannot function. Rule 159 of the 
Winding-up Rules of 1929, forbids a purchase of any of the 
company’s assets by or on behalf of a member of the 
committee without leave of the Court, and Rule 161 
forbids a member of the committee directly or indirectly 
to make any profit out of his office, except under the Court’s 
sanction. 
If several liquidators are appointed, the powers conferred 
on a liquidator by s. 248 may be exercised by such one or more 
of them as may be determined at the time of their appointment 
or in default of such determination by any number not less 
than two [s. 248 (3)1. 
The remuneration of a liquidator in a members’ voluntary 
winding up may be fixed by the company in general meeting 
either when the liquidator is appointed or subsequently 
(s. 232 (1)]; in a creditors’ voluntary winding up the committee 
of inspection, or if there be none, the creditors may fix the 
remuneration [s. 241 (1)]. In either case the Court can be 
asked to fix the remuneration under the joint effect of ss. 252 
and 188 (2), e.g. where the creditors think the committee have 
allowed too much. The remuneration may be a lump sum, 
or a percentage on the assets, or may be at the rate of so 
much per day or per hour spent exclusively on the liquidation; 
or other methods of remuneration may be adopted. It is 
generally inadvisable to fix the liquidator’s remuneration at 
the time of his appointment, as the amount of work involved 
cannot be known: but this objection does not apply so 
strongly in the case of a members’ voluntary liquidation for 
the purpose of reconstruction where the work involved can 
be fairly estimated and the liquidator will probably be an 
officer of the old company and become an officer of the new 
company and will often be remunerated by the payment of 
a moderate lump sum. If application is made to the Court, 
it will in general adopt the scale applicable to trustees in 
bankruptcy [Carton (1923), 39 T.L.R. 194]. In some cases 
under the Act of 1908, the Court has increased the remuneration 
allowed by the company. A course sometimes adopted is 
for the liquidator to take what he considers reasonable 
remuneration, and then, when his final accounts are passed at 
the final meeting (see below), that sum, if approved, is by the 
vote of the company appropriated to him. Rule 158 forbids 
a liquidator to accept any gift, remuneration, consideration or 
benefit from any solicitor, auctioneer or any other person 
connected with the company or employed in connection with 
the winding up, beyond the remuneration to which he is 
entitled, or to make any arrangement for giving up anv of his 
Joint 
Liquidators. 
Remunera- 
tion of a 
Liquidator.