Liquidator bank deposit requirement enforces prompt special accounting; unlawful retention attracts interest, penalties and removal risks. A Company Liquidator must deposit monies received in winding up into a special bank account in a scheduled bank, unless the Tribunal permits an alternative bank. If the liquidator retains sums beyond the short prescribed period and threshold without satisfactory explanation, the Tribunal may impose interest and penalties on the excess, require payment of consequential expenses, disallow remuneration in whole or part, or remove the liquidator from office.
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Provisions expressly mentioned in the judgment/order text.
Liquidator bank deposit requirement enforces prompt special accounting; unlawful retention attracts interest, penalties and removal risks.
A Company Liquidator must deposit monies received in winding up into a special bank account in a scheduled bank, unless the Tribunal permits an alternative bank. If the liquidator retains sums beyond the short prescribed period and threshold without satisfactory explanation, the Tribunal may impose interest and penalties on the excess, require payment of consequential expenses, disallow remuneration in whole or part, or remove the liquidator from office.
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