Full legislation
s.153
Discharge of costs before assets handed to liquidator
Where a liquidator is appointed by the court or under the Ordinance, and has
notified his appointment to the registrar of companies, and given security to
the satisfaction of the Official Receiver, the provisional liquidator shall
forthwith put the liquidator into possession of all property of the company of
which the provisional liquidator may have
custody:
Provided that such liquidator
shall have, before the assets are handed over to him by the provisional
liquidator, discharged any balance due to the Official Receiver and provisional
liquidator on account of fees, costs, and charges properly incurred by him, and
on account of any advances properly made by him in respect of the company,
together with interest on such advances at the rate of 8 per cent per annum; and
the liquidator shall pay all fees, costs, and charges of the Official Receiver
and provisional liquidator which may not have been discharged by the liquidator
before being put into possession of the property of the company, and whether
incurred before or after he has been put into such possession.
(
L.N. 587
of 1995
)