Section 283 - Custody of company's properties

Company property custody shifts to the liquidator or Tribunal, and third parties must surrender company assets on order.

Upon a winding up order or appointment of a provisional liquidator, the Company Liquidator or provisional liquidator must, by Tribunal order, take custody or control of all property, effects and actionable claims of the company and take steps to protect and preserve them; all company property is deemed in the custody of the Tribunal from the winding up date; the Tribunal may require contributories, trustees, receivers, bankers, agents, officers or employees to deliver or transfer any money, property or books and papers to the Company Liquidator forthwith or within directed time.