Liquidator bank account requirements govern receipt remittance, cash draws, and cheque based disbursements in liquidation. A liquidator must open a dedicated Liquidation Account in a Scheduled Bank and pay all money received into it without deduction, with daily realisations remitted by the next working day unless deferred until they exceed the stated threshold. Liquidation expenses or cash payments are drawn from that account, and payments above the threshold are ordinarily made by cheque. References to the Bank in a voluntary winding-up mean the bank where this account is opened.
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Provisions expressly mentioned in the judgment/order text.
Liquidator bank account requirements govern receipt remittance, cash draws, and cheque based disbursements in liquidation.
A liquidator must open a dedicated Liquidation Account in a Scheduled Bank and pay all money received into it without deduction, with daily realisations remitted by the next working day unless deferred until they exceed the stated threshold. Liquidation expenses or cash payments are drawn from that account, and payments above the threshold are ordinarily made by cheque. References to the Bank in a voluntary winding-up mean the bank where this account is opened.
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