Versions

 

250. Summary remedy against delinquent officers or liquidators

(1) Subsection (3) applies if in the course of the winding-up of a Company it appears that a person who —
(a) is or has been an officer of the Company;
(b) is a liquidator or administrative receiver of the Company; or
(c) is or has been concerned, or has taken part in the promotion, formation or management of the Company,
has misapplied or retained, or become accountable for, any money or other property of the Company, or been guilty of any misfeasance or breach of any fiduciary or other duty in relation to the Company.
(2) Subsection (1) includes, in the case of a person who has acted as a liquidator of the Company, any misfeasance or breach of any fiduciary duty in connection with the carrying out of his functions as a liquidator of the Company.
(3) The Court may, on the application of the Registrar, the liquidator or of any creditor or contributory, examine into the conduct of the person falling within subsection (1) and compel him to —
(a) repay, restore or account for the money or property or any part of it, with interest at such rate as the Court thinks just; or
(b) contribute such sum to the Company's assets by way of compensation in respect of misfeasance or breach of fiduciary or other duty as the Court thinks just.