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

Section - 48 - Payment Out of Companies Official Fund

(1) No person shall be entitled to any payment in respect of anything done by the liquidator in relation to a company except out of any balance in the company's official account or out of assets otherwise vested in the liquidator in respect of the company under this Part of this Act:

Provided that if in any proceedings costs are awarded against the liquidator they shall be met out of the fees account.

(2) During the continuance of a liquidation under this Act, no person shall be required, under a contract entered into with the company before the commencement of the winding up, to supply goods, render services or otherwise perform an obligation unless he has received an assurance from the liquidator that the company's assets are sufficient to enable the goods or services to be paid for, or the performance of the obligations otherwise recompensed, in accordance with the terms of the contract.

(3) Notwithstanding the provisions of subsection (1) of this section, if an assurance given under the immediately preceding subsection proves incorrect, the person to whom the assurance was given shall be entitled to be re-imbursed out of the fees account.