Section 375, The Companies Act, 2009

(1) Every liquidator of a company which is being woundup by the court shall, in such manner and at such times as the Commission directs, pay the money received by him into the Companies Liquidation Account and the Commission shall furnish him with a certificate of receipt of the money so paid. (2) If the committee of inspection satisfies the official receiver that, for the purpose of carrying on the business of the company, obtaining advances, or for any other reason, it is for the advantage of the creditors or contributories that the liquidator should have an account with any bank, the official receiver shall, on the application of the committee of inspection, authorise the liquidator to make his payments into and out of such bank as the committee may select, and then those payments shall be made in the prescribed manner. (3) If the liquidator at any time retains for more than 10 days a sum exceeding Le.1,000,000 or such other amounts as the official receiver in any particular case authorises him to retain, then, unless he explains the retention to the satisfaction of the official receiver he shall pay interest on the amount so retained in excess, at the rate of twenty percent per annum and the liquidator shall- (a) be liable to a disallowance of all or such part of his remuneration as the official receiver may think just; (b) be removed from his office by the official receiver; and (c) be liable to pay any expenses occasioned by reason of his default. (4) A liquidator of a company which is being wound up by the court shall not pay any sums received by him as liquidator into his private banking account. 276 277 Liuidation Account. Exercise and control of liquidator’s powers. Books to be kept by Payments by liquidators into Companies Liquidation Account.