- Laws of Fiji

[COM 16,570] Payment of undistributed and unclaimed money into Companies Liquidation Account114

114

(1) All money in the hands or under the control of a liquidator of a company representing unclaimed dividends which, for 6 months from the date when the dividend became payable, have remained in the hands or under the control of the liquidator must, immediately on the expiration of the period of 6 months, be paid into the Companies Liquidation Account.

(2) In a voluntary winding up or a winding up under the supervision of the court, all other moneys in the hands or under the control of a liquidator of a company representing unclaimed or undistributed assets or held by the company in trust which, under section 506(1) of the Act, the liquidator is to pay into the Companies Liquidation Account, must be—

(a)ascertained as on the date to which the statement of receipts and payments delivered to the Court Registrar is brought down;
(b)the amount to be paid to the Companies Liquidation Account must be the minimum balance of such money which the liquidator has had in his or her hands or under his or her control during the period of 6 months immediately preceding the date to which the statement is brought down, less such part, if any, as the Official Receiver may authorise him or her to retain for the immediate purposes of the liquidation; and
(c)such amount must be paid into the Companies Liquidation Account within 14 days from the date to which the statement of account is brought down.

(3) Notwithstanding anything in this rule, any moneys in the hands of the liquidator at the date of the dissolution of the company representing unclaimed or undistributed assets or dividends or held by the company in trust in respect of dividends or other sums due to any person as a member of the company must be paid by him or her into the Companies Liquidation Account.