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 ... Summary
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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.
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