In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 8 · Winding Up

146. Payment by liquidator into bank

(1)

Every liquidator must, in the manner and at the times prescribed by the regulations, pay the money received by the liquidator into such bank account as is prescribed by those regulations or as is specified by the Court.

(2)

If any liquidator retains for more than 10 days a sum exceeding $1,000, or such other amount as the Court in any particular case authorises the liquidator to retain, then, unless the liquidator explains the retention to the satisfaction of the Court, the liquidator must pay interest on the amount so retained in excess, computed starting on the expiration of those 10 days until the liquidator has complied with subsection (1), at the rate of 20% per annum, and is liable —

(a)

to disallowance of all or such part of the liquidator’s remuneration as the Court thinks just;

(b)

to be removed from office by the Court; and

(c)

to pay any expenses occasioned by reason of the default.

(3)

Any liquidator who pays any sums received as liquidator into any bank or account other than the bank or account prescribed or specified under subsection (1) shall be guilty of an offence.