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Remittances to authorised bank account or Companies Liquidation Account

Insolvency, Restructuring and Dissolution (Court-Ordered Winding Up) Regulations 2020

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—(1) For the purposes of section 146 of the Act, unless the Court directs otherwise and subject to rule 139 of the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020 (G.N. No. S 603/2020), every liquidator must pay, without deduction, any money received by him or her, as liquidator of a company —(a)in a case where a committee of inspection has authorised the liquidator to make such payments into an account to the credit of the liquidator with such bank as the committee of inspection may specify (called in this regulation and regulation 34A an authorised bank account) — into the authorised bank account; or(b)in any other case — to the Official Receiver to be placed to the credit of the Companies Liquidation Account.(2) The liquidator must make the payment once a week, or immediately if the liquidator receives a sum of $1,000 or more.(3) The payment to the Official Receiver mentioned in paragraph (1)(b) may be made —(a)by cheque; or(b)by means of an electronic funds transfer system designated by the Official Receiver for that purpose.

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