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

Section - 8 - Status of Liquidator

(1) In an official winding up under this Act the liquidator shall be deemed to stand in a fiduciary relationship to the company as if he were a director thereof; and accordingly the provisions of sections 203 to 216 of the Companies Code, 1963 (Act 179) shall apply to the liquidator in like manner and to the like extent as they apply to a director.

(2) No liability shall attach to the liquidator in respect of any breach of duty imposed upon him by or under this Act and no liability shall attach to the Republic in respect of any such breach, save for the re-imbursement of any moneys lost to the company through the default of the liquidator.

(3) Nothing in this section shall affect the institution against a public officer of any criminal proceedings or of disciplinary proceedings under the Civil Service Act, 1960 (CA 5).