Liquidation account requirements ensure company funds are deposited in a designated bank, with limited cash payments. A liquidator must open a Liquidation Account in a scheduled bank (or another bank with court sanction) into which all monies and daily realisations are to be paid without deduction by the next working day, subject to a small deferred-remittance threshold; liquidation expenses and cash payments are to be drawn from that account by cheque, and payments above a modest amount should ordinarily be made by cheque. References to the Bank in voluntary winding-up rules mean the bank where this account is maintained.
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.
Liquidation account requirements ensure company funds are deposited in a designated bank, with limited cash payments.
A liquidator must open a Liquidation Account in a scheduled bank (or another bank with court sanction) into which all monies and daily realisations are to be paid without deduction by the next working day, subject to a small deferred-remittance threshold; liquidation expenses and cash payments are to be drawn from that account by cheque, and payments above a modest amount should ordinarily be made by cheque. References to the Bank in voluntary winding-up rules mean the bank where this account is maintained.
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