Liquidator banking duty: deposit company receipts into a special bank account; retention breaches trigger interest, penalties and removal. Liquidators (other than Official Liquidators) must deposit monies received into a Scheduled Bank to a special company liquidation account; the Tribunal may permit use of another bank for creditor advantage or business needs. If a liquidator retains, beyond ten days, sums exceeding the statutory threshold (unless authorised), and cannot satisfactorily explain the retention to the Tribunal, the liquidator is liable to pay interest on the excess, penalties as determined by the Registrar, expenses caused by the default, and may face disallowance of remuneration and removal from office by the Tribunal.
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Provisions expressly mentioned in the judgment/order text.
Liquidator banking duty: deposit company receipts into a special bank account; retention breaches trigger interest, penalties and removal.
Liquidators (other than Official Liquidators) must deposit monies received into a Scheduled Bank to a special company liquidation account; the Tribunal may permit use of another bank for creditor advantage or business needs. If a liquidator retains, beyond ten days, sums exceeding the statutory threshold (unless authorised), and cannot satisfactorily explain the retention to the Tribunal, the liquidator is liable to pay interest on the excess, penalties as determined by the Registrar, expenses caused by the default, and may face disallowance of remuneration and removal from office by the Tribunal.
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