In force2020 Revised Edition

Contents

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

148. Final account and dissolution

(1)

Before a liquidator makes an application to the Court under section 147, the liquidator must call a meeting of the company and the creditors for the purpose of laying before them an account showing how the winding up has been conducted and the property of the company has been disposed of and giving any explanation of the account.

(2)

The meeting must be called by an advertisement, published in the Gazette and at least one English local daily newspaper —

(a)

which must specify the time, place and object of the meeting;

(b)

which must be published at least 30 days before the meeting; and

(c)

a copy of which must be sent to the Official Receiver within 7 days after the publication of the advertisement.

(3)

The liquidator must within 7 days after the meeting lodge with the Registrar of Companies and the Official Receiver a return of the holding of the meeting and of its date, with a copy of the account attached to that return.

(4)

Any liquidator who fails to comply with subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty.

(5)

The quorum at the meeting of the company and the creditors is 2 members and 2 creditors.

(6)

If a quorum is not present at the meeting, the liquidator must (in lieu of the return mentioned in subsection (3)) lodge a return (with a copy of the account attached) that —

(a)

the meeting was duly summoned; and

(b)

no quorum was present at the meeting.

(7)

Upon the lodgment of a return under subsection (6), the requirement to lodge a return under subsection (3) is deemed to have been complied with.