Section 553 - Voluntary liquidator to make payments into Scheduled Bank.

Liquidator banking requirement: mandatory liquidation account with tribunal-authorised exceptions and sanctions for improper retention.

Section 553 requires voluntary liquidators to deposit monies received into a Scheduled Bank to the credit of a special Liquidation Account, with payments made in the prescribed manner and times; the Tribunal may authorise a different bank where it benefits creditors or the company. If a liquidator retains sums beyond the permitted amount and period without satisfactory explanation, he must pay interest and any Registrar-determined penalty, cover expenses caused by the default, and may have remuneration disallowed or be removed from office by the Tribunal.