Repayment of pre-commencement deposits requires disclosure and timely repayment, with tribunal extensions and strict penalties. Companies must, within three months of commencement or of payments becoming due, file with the Registrar a statement of all pre-commencement deposits remaining unpaid and the interest payable with repayment arrangements, and must repay those sums within one year from commencement or from the date they become due; the Tribunal may allow further time after assessing the company's financial condition; failure attracts substantial fines for the company and imprisonment and/or fines for officers in default, in addition to liability for unpaid amounts and interest.
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.
Repayment of pre-commencement deposits requires disclosure and timely repayment, with tribunal extensions and strict penalties.
Companies must, within three months of commencement or of payments becoming due, file with the Registrar a statement of all pre-commencement deposits remaining unpaid and the interest payable with repayment arrangements, and must repay those sums within one year from commencement or from the date they become due; the Tribunal may allow further time after assessing the company's financial condition; failure attracts substantial fines for the company and imprisonment and/or fines for officers in default, in addition to liability for unpaid amounts and interest.
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