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Ch. 31. No. 1.] Companies.

 

Unclaimed funds and undistributed assets in the hands of a Liquidator.

173. (1) All money in the hands or under the control of a Liquidator
of a company representing unclaimed dividends, which for six months
from the date when the dividend became payable have remained in the
hands or under the control of the Liquidator, shall forthwith, on the
expiration of the six months, be paid into Court.

(2) Ina voluntary winding up or a winding up under the supervision
of the Court all other money in the hands or under the control of a
Liquidator of a company, representing unclaimed or undistributed assets,
which under subsection (1) of section 270 of the Ordinance, the Liquidator
is to pay into Court shall be ascertained as on the date to which the
statement of receipts and payments sent in to the Registrar is brought
down, and the amount to be paid into Court shall be the minimum balance
of such money which the Liquidator has had in his hands or under his
control during the six months immediately preceding the date to which
the statement is brought down, less such part (if any) thercof as the Official
Receiver may authorise him to retain for the immediate purposes of the
liquidation. Such amount shall be paid into Court within fourteen days
from the date to which the statement of account is brought down.

(3) Notwithstanding anything in this rule, any moneys represent-
ing unclaimed or undistributed assets or dividends in the hands of the
Liquidator at the date of the dissolution of the company shall forthwith
be paid by him into Court.

174. Ina voluntary winding up or a winding up under the supervision
of the Court every person who has acted as Liquidator of any company,
whether the liquidation has been concluded or not, shall furnish to the
Oficial Receiver particulars of any money in his hands or under his
control representing unclaimed ot undistributed assets of the company
and such other particulars as the Official Receiver may require for the
purpose of ascertaining or getting in any money payable into Court.
The Official Receiver may require such particulars to be verified by
affidavit,

175. (1) Ina voluntary winding up or a winding up under the super-
vision of the Court the Official Receiver may at any time order any such
person to submit to him an account verified by affidavit of the sums
received and paid by him as Liquidator of the company and may direct
and enforce an audit of the account.

(2) For the purposes of section 270 of the Ordinance, and the
rules, the Court has and may exercise all the powers conferred by the
Bankruptcy Ordinance with respect to the discovery and realisation of
the property of a debtor, and the provisions of Part I. of that Ordinance
with respect thereto shall, with any necessary modification, apply to
proceedings under section 270 of the Ordinance.

176. An application by the Official Receiver for the purpose of
ascertaining and getting in money payable into Court pursuant to
section 270 of the Ordinance, shall be made by motion, and where the
winding up is voluntary or is by or under the supervision of the Court
shall be made to and dealt with by a Judge.