Article (147) Powers of the Liquidator

(a) Without prejudice to the provisions of the following paragraph, the liquidator shall have all the necessary powers to carry out compulsory liquidation of the Licensee, and he shall also have the right to take any necessary measures to complete the process of such liquidation.
(b) The liquidator must obtain the prior written approval of the Competent Court for any of the following actions:
1. Sale any of the assets or properties of the Licensee in liquidation the market value of which exceeds one hundred thousand (100,000) Bahraini Dinars.
2. Transfer or allocation of any of the assets or properties of the licensee in liquidation as a security for any debt owed by the Licensee.
3. Settlement of any claim or waiver of any right of the Licensee where its value exceeds fifty thousand (50,000) Bahraini Dinars.