Examination power in company winding-up directs attendance and sworn questioning of promoters and officers, with procedural safeguards. If the Tribunal orders winding up and the Company Liquidator reports suspected fraud, the Tribunal may order promoters, directors or officers to attend and be examined on oath about promotion, formation or conduct of the company; the Company Liquidator shall participate and may employ authorised legal assistance. The examinee must receive a copy of the liquidator's report at their cost and may engage accountants or legal practitioners to question them; examination notes are to be taken, signed, supplied, admissible in evidence and open to inspection. The examinee may apply for exculpation and the Tribunal may award costs.
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Examination power in company winding-up directs attendance and sworn questioning of promoters and officers, with procedural safeguards.
If the Tribunal orders winding up and the Company Liquidator reports suspected fraud, the Tribunal may order promoters, directors or officers to attend and be examined on oath about promotion, formation or conduct of the company; the Company Liquidator shall participate and may employ authorised legal assistance. The examinee must receive a copy of the liquidator's report at their cost and may engage accountants or legal practitioners to question them; examination notes are to be taken, signed, supplied, admissible in evidence and open to inspection. The examinee may apply for exculpation and the Tribunal may award costs.
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