Section 420: Enforcement of duty of liquidator to make return

420. Enforcement of duty of liquidator to make return.—(1) If any liquidator who has made any default in complying with any provision of this Act or committed any other irregularity in the performance of his duties fails to make good the default or undo the irregularity, as the case may be, within thirty days after the service on him of a notice requiring him to do so, the Court may of its own motion or on an application made to it by any contributory or creditor of the company or by the registrar, make an order directing the liquidator and any other person involved to make good the default or undo the irregularity or otherwise make amends as the circumstances may require, within such time as may be specified in the order: Provided that, where an application under this section is made by the registrar, the Court shall dispose of the same within fourteen days of the submission thereof. (2) Any such order may provide that all costs of, and incidental to, the application shall be borne by the liquidator. (3) Nothing in this section shall be taken to prejudice the operation of any enactment imposing penalty on a liquidator in respect of any such default or irregularity as aforesaid.

Effective date: 2017-05-30

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