Section 685

(1) On the winding up of a company, whether by the Court or voluntarily, the liquidator may, subject to subsections (2) -(4), make any payment which the company has, before the commencement of the winding up, decided to make under section 745 of this Act.

(2) The power which a company may exercise by virtue of section 745 of this Act may be exercised by the liquidator after the winding up has commenced if, after the company's liabilities have been fully satisfied and provision has been made for the costs of the winding up, the exercise of that power has been sanctioned by such resolution of the company as would be required of the company itself by section 745 (3) of this Act before that commencement, as if paragraph (b) of that subsection were omitted and any other requirement applicable to its exercise by the company had been met.

(3) Any payment which may be made by a company under this section may be made out of the company's assets which are available to the members on the winding up.

(4) On a winding up by the Court, the exercise by the liquidator of his powers under this section shall be subject to the Court's control and any creditor or contributory may apply to the Court with respect to any exercise or proposed exercise of the power.

(5) Subsections (1) and (2) shall have effect notwithstanding any other rule or law.