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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XIV: Winding-up of Companies

Duties of Liquidators

400. Liquidator's duty to expose offences and to report thereon

 

 

1) A liquidator shall examine the affairs and transactions of the company before its winding-up in order to ascertain-
a) whether any of the directors and officers or past directors and officers of the company have contravened or appear to have contravened any provision of this Act or have committed or appear to have committed any other offence; and
b) in respect of any of the persons referred to in paragraph (a), whether there are or appear to be any grounds for an order by the Court under section 219 disqualifying a director from office as such.

 

2) A liquidator shall, before lodging his final account with the Master, submit to him a report containing full particulars of any such contraventions or offences, suspected contraventions or offences and any such ground which he has ascertained.

 

3)
a) Any report submitted to the Master under subsection (2) shall be confidential and shall not be available for inspection by any person.
b) If any such report contains particulars of contraventions or offences committed or suspected to have been committed or of any of the said grounds, the Master shall forthwith transmit a copy thereof to the Attorney-General concerned.

 

4) A liquidator shall conduct such further investigation and shall render such assistance in connection with any prosecution or contemplated prosecution as the Master or the Attorney-General may require.