Rule 85 - Where the company has no available assets

Company liquidation: liquidator may use government or advanced funds for necessary expenses, repaid in priority from company assets.

Where a company in winding up has no available assets, the Company Liquidator may, with tribunal leave, incur necessary expenses from a Central Government permanent advance or similar fund, and such expenses are recoupable from the company's assets in priority to debts; advances by petitioners, creditors or contributories used for preliminary expenses are similarly repaid in priority. Pre existing Common Pool or Establishment Funds continue to be used for their original purpose, and the Official Liquidator must reimburse amounts availed from those funds from the company's assets on a priority basis as receipts arise.