Power to assess damages: Tribunal may require repayment or compensation for misapplication or misfeasance during winding up. If, during a company's winding up, any promoter or past or present director, manager, liquidator or officer has misapplied, retained, or become accountable for company money or property, or has been guilty of misfeasance or breach of trust, the Tribunal may, on application by the Official Liquidator, the liquidator, or any creditor or contributory within the prescribed time, examine the person's conduct and compel repayment, restoration or contribution to the company's assets with interest as the Tribunal thinks just; this provision applies notwithstanding possible criminal liability.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power to assess damages: Tribunal may require repayment or compensation for misapplication or misfeasance during winding up.
If, during a company's winding up, any promoter or past or present director, manager, liquidator or officer has misapplied, retained, or become accountable for company money or property, or has been guilty of misfeasance or breach of trust, the Tribunal may, on application by the Official Liquidator, the liquidator, or any creditor or contributory within the prescribed time, examine the person's conduct and compel repayment, restoration or contribution to the company's assets with interest as the Tribunal thinks just; this provision applies notwithstanding possible criminal liability.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.