PAYMENT OF UNCLAIMED DIVIDENDS OR UNDISTRIBUTED ASSETS INTO THE COMPANY LIQUIDATION DIVIDEND AND UNDISTRIBUTED ASSETS ACCOUNT IN A WINDING UP (From Rule 179 to Rule 182)
Company liquidators must open a dividend account and pay declared dividends from it via cheques or electronic clearing. A company liquidator must open a separate dividend account in a scheduled bank, styled as the Dividend Account of the company in liquidation, and upon declaration of a dividend deposit the full declared amount into that account by transfer from the special bank account; a separate account is required for each declaration, all dividend payments must be made from that account by cheque or Electronic Clearing System, and any unpaid balance must be transferred to the Company Liquidation Dividend and Undistributed Assets Account under subsection (1) of section 352.
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.
Company liquidators must open a dividend account and pay declared dividends from it via cheques or electronic clearing.
A company liquidator must open a separate dividend account in a scheduled bank, styled as the Dividend Account of the company in liquidation, and upon declaration of a dividend deposit the full declared amount into that account by transfer from the special bank account; a separate account is required for each declaration, all dividend payments must be made from that account by cheque or Electronic Clearing System, and any unpaid balance must be transferred to the Company Liquidation Dividend and Undistributed Assets Account under subsection (1) of section 352.
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