https://www.taxtmi.com/acts?id=12959 Liquidators (other than Official Liquidators) must deposit monies received into a Scheduled Bank to a special company liquidation account; the Tribunal may permit use of another bank for creditor advantage or business needs. If a liquidator retains, beyond ten days, sums exceeding the statutory threshold (unless authorised), and cannot satisfactorily explain the retention to the Tribunal, the liquidator is liable to pay interest on the excess, penalties as determined by the Registrar, expenses caused by the default, and may face disallowance of remuneration and removal from office by the Tribunal. en-us Wed, 18 May 2011 13:39:41 +0530 Wed, 18 May 2011 13:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12959 Liquidators (other than Official Liquidators) must deposit monies received into a Scheduled Bank to a special company liquidation account; the Tribunal may permit use of another bank for creditor advantage or business needs. If a liquidator retains, beyond ten days, sums exceeding the statutory threshold (unless authorised), and cannot satisfactorily explain the retention to the Tribunal, the liquidator is liable to pay interest on the excess, penalties as determined by the Registrar, expenses caused by the default, and may face disallowance of remuneration and removal from office by the Tribunal. Act-Rules Companies Law Wed, 18 May 2011 13:39:41 +0530 https://www.taxtmi.com/acts?id=12959