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

Section - 35 - Sums to be Credited to Company's Official Account

(1) The liquidator shall open an account, to be known as the company's official account, within the company's Liquidation Fund for each company in respect of which he is liquidator and shall credit to such an account,

(a) all moneys received by him in respect of the company by virtue of the preceding provisions of this Act;

(b) payments made to him in respect of the company for the purpose of increasing the assets available for dividend;

(c) repayments in respect of excess dividends made under subsection (2) of section 45 of this Act.

(2) If on the application of the company or of any creditors it appears to the liquidator before the termination of the liquidation that assets have been lost to the estate by reason of any default by the liquidator, the Court may order that the company's official account be credited with such sum as may appear to the Court to be just and that an equivalent sum be debited to the fees account.