Section 340 — Exercise and control of liquidator’s powers

(1) Subject to the
provisions of this Act, the official liquidator of a company which is being wound
up by the Court shall, in the administration of the assets of the company and in the
distribution thereof among its creditors, have regard to any directions that may be
given by resolution of the creditors or contributories at any general meeting.

(2) The official liqu idator may summon general meetings of the
creditors or contributories for the purpose of ascertaining their wishes, and it shall

be his duty to summon meetings at such times as the creditors or contributories, by
resolution, may direct, or whenever request ed in writing to do so by one -tenth in
value of the creditors or contributories, as the case may be.

(3) Subject to the provisions of this Act, the official liquidator shall use
his own discretion in the administration of the assets of the company and i n the
distribution thereof among the creditors.

(4) If any person is aggrieved by any act or decision of the official
liquidator, that person may apply to the Court, and the Court may confirm, reverse
or modify the act or decision complained of, and make such order as it thinks just
in the circumstances.