Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p88
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 216886–219552

411 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "the company and the creditors" and substituting "the creditors and members of the company"; and
     (b) by omitting from sub-section (4) "company and of the creditors, 2 members and 2 creditors" and substituting "creditors and members of the company, 2 creditors and 2 members".

Reports by liquidator
110. Section 418 of the Principal Act is amended by omitting sub-section (3) and substituting the following sub-section:
"(3) If it appears to the Court, in the course of winding up a company—
     (a) that a past or present officer, or a contributory or member, of the company has been guilty of an offence under a law referred to in paragraph (1) (a) in relation to the company; or
     (b) that a person who has taken part in the formation, promotion, administration, management or winding up of the company has engaged in conduct referred to in paragraph (1) (b) in relation to the company,
and that the liquidator has not made a report to the Commission with respect to the matter, the Court may, on the application of a person interested in the winding up or of its own motion, direct the liquidator to make such a report.".

Supervision of liquidators
111. Section 420 of the Principal Act is amended by omitting paragraph (1) (a) and substituting the following paragraph:
     "(a) it appears to the Court or to the Commission that a liquidator has not faithfully performed or is not faithfully performing his duties or has not observed or is not observing—
          (i) a requirement of the Court; or
          (ii) a requirement of this Act, of the regulations or of the rules; or".

112. After section 421 of the Principal Act the following section is inserted:

Regulations relating to money, &c., received by liquidator
"421a. (1) The regulations may—
     (a) require a liquidator to pay, into such bank and account, in such manner and at such times as are prescribed, money received by him;
     (b) prescribe the circumstances and manner in which money paid into such an account is to be paid out;
     (c) require a liquidator of a company to deposit, in such bank, in such manner and at such times as are prescribed, bills, notes or other securities payable to the company or its liquidator;
     (d) prescribe the circumstances and manner in which bills, notes or other securities so deposited are to be delivered out;
     (e) make provision for and in relation to the giving by the Court of directions with respect to the payment, deposit or custody of money payable to or into the possession of a liquidator, or of bills, notes or other securities so payable;