Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 429

429. (1) Subject to this section, a liquidator is not liable to incur any
expense in relation to the winding up of a company unless there is sufficient
available property.

(2) The Court or the Commission 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 Court or the Commission so
directs, gives such security to secure the amount of the indemnity as the
Court or the Commission thinks reasonable.

(3) Nothing in this section shall be taken to relieve a liquidator of any
obligation to make a report under section 418 or to lodge a document with the
Commission under any provision of this Act by reason only that he would be
required to incur expense in order to perform that obligation.