https://www.taxtmi.com/caselaws?id=357015 After a winding up order, an ex-director who received company funds through a debtor payment and then routed them through another account was required to account for those sums to the Official Liquidator. The Court found no satisfactory proof that the recipient was an employee or that the payments were bona fide disbursements for identifiable company liabilities, and treated the ad hoc handling of the funds as inconsistent with proper accounting practice. On those facts, the amount was treated as misapplied or retained company property, and the Court directed repayment to the Official Liquidator. en-us Tue, 27 Feb 2018 00:00:00 +0530 Fri, 16 Mar 2018 08:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357015 After a winding up order, an ex-director who received company funds through a debtor payment and then routed them through another account was required to account for those sums to the Official Liquidator. The Court found no satisfactory proof that the recipient was an employee or that the payments were bona fide disbursements for identifiable company liabilities, and treated the ad hoc handling of the funds as inconsistent with proper accounting practice. On those facts, the amount was treated as misapplied or retained company property, and the Court directed repayment to the Official Liquidator. Case-Laws Companies Law Tue, 27 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357015