Custody of company property transfers to the liquidator on a winding-up order, with mandatory surrender obligations to consolidate assets.

Upon a winding-up order or appointment of a provisional liquidator the Company Liquidator or provisional liquidator must, on the Tribunal's order, immediately take into custody or control all property, effects and actionable claims of the company and take measures to protect and preserve them. All company property is deemed in the custody of the Tribunal from the date of the winding-up order, and the Tribunal may require contributories and persons in control of assets or records to deliver or transfer money, property or books to the Company Liquidator within prescribed time.

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