BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT - 1963 (ACT 180)

Section - 30 - Restoration of Property, etc.

(1) On the commencement of a winding up every person who during the relevant period received a payment of money or other transfer of property in respect of a debt owed to him by the company shall, on receipt of a notice given in that behalf by the liquidator, restore the property or its value to the liquidator.

(2) For the purposes of the immediately preceding subsection the expression "relevant period" means the period beginning twenty-one days before the presentation of the petition on which the winding up order was made or, if made on two or more petitions before the presentation of the first petition, and ending with the making of the winding up order.

(3) The provisions of subsection (1) of this section shall not apply to any payment or other transfer of property,

(a) made by the company to its banker in so far as it has been subsequently disbursed by the bank in meeting cheques drawn by the company;

(b) made in respect of a debt incurred during the relevant period;

(c) made in respect of a secured debt; or

(d) made on the enforcement against a third party of a guarantee or indemnity, or of a mortgage, charge or lien on that party's property.

(4) On the commencement of the winding up all property in the possession of the sheriff at the time of the making of the winding up order, being property of which possession was taken under an execution issued by a creditor of the company or the proceeds of such property shall, after deduction of the sheriff's and bailiff's charges in the execution, be transferred to the liquidator.

(5) Where a person has complied with a notice given under section 29 of this Act or under subsection (1) of this section he may, within one month after the notice was given, lodge a proof of debt or require the liquidator to amend his proof, as the case may be, so as to enable the debt in respect of which the notice was given to rank for dividend at the value which is appropriate in view of his compliance.