Section 449, The Companies Act, 2009

(1) The Commission shall establish a fund to be calledtheAssetless Companies Fund, in this section called ‘the Fund’. (2) The Commission may invest money forming part of the Fund in such manner as it thinks fit. (3) The Fund shall consist of– (a) all contributions paid under subsection (5); (b) all interest received from the investment of money forming part of the Fund; and (c) any other money lawfully paid into the Fund. 316 317 Pooling of assets of related Assetless Fund. Guidelines for orders. (4) There shall be paid out of the Fund– (a) the expenses of maintaining and administering the Fund; and (b) the amounts advanced from the Fund under subsection (6). (5) A company that lodges an annual return shall pay to the Commission, at the time of lodging the return, such fee by way of contribution to the Fund as may be prescribed (6) Where a company in liquidation does not have unencumbered assets immediately available to the liquidator of a value greater than Le10,000,000 or other prescribed amount (an “assetless company”), the Commission may make one or more advances from the Fund under this section, if it is satisfied that it would be in the interests of the company’s creditors or shareholders, or both, for the liquidator to– (a) make inquiries concerning the business, property, affairs or entitlements of the (b) bring, continue or defend proceedings relating to the business, property or affairs of the company, for the purpose of recovering, retaining or realising the company’s assets. (7) Advances from the Fund under this section shall be of such amount as the Commission determines, having regard to the proposals of the liquidator for the conduct of the proceedings or the inquiry, and may be made in relation to any one or more stages of the proceedings or the inquiry, and on such terms and conditions as the Commission thinks fit. (8) Advances from the Fund may include an amount to meet any costs awarded against the liquidator. (9) Where an advance has been authorised by the Commission under subsection (6), the Commission has, in the liquidation of the company concerned, a claim to be repaid the amount of that advance. (10) The Commission’s claim under subsection (9) shall be treated as an expense properly incurred by the liquidator under this Act.