519. Expenses of winding up where assets insufficient

Unless expressly directed to do so by the Court, 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.

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