ACT 125
COMPANIES ACT 1965 (REVISED - 1973)
PART X - WINDING UP
DIVISION 4 - PROVISIONS APPLICABLE TO EVERY MODE OF WINDING UP
Subdivision (1) - General

 
Section 287. Expenses of winding up where assets insufficient.
 
Section 287. Expenses of winding up where assets insufficient. (COMPANIES ACT 1965 (REVISED - 1973) - ACT 125) (1) Unless expressly directed to do so by the Official Receiver, a liquidator shall not be liable to incur any expense in relation to the winding up of a company unless there are sufficient available assets.

(2) The Official Receiver may, on the application of a creditor or a contributory, direct a liquidator to incur a particular expense on condition that the creditor or contributory indemnifies the liquidator in respect of the recovery of the amount expended and if the Official Receiver so directs gives such security to secure the amount of the indemnity as the Official Receiver thinks reasonable.