Regulation 5 Payments into the Insolvency Account

In the case of a winding up by the court, subject to regulation 6, the liquidator shall pay all money received by him in the course of carrying out his functions as such without any deduction into the Insolvency Account kept by the Department under Article 358 once every 14 days or forthwith if £5,000 or more has been received.

Every payment of money into the Insolvency Account under paragraph (1) shall be sent direct to the bank where the Insolvency Account is kept by cheque drawn in favour of the “Insolvency Account” and crossed “A/c payee only” and the liquidator shall on request be given by the Department a receipt for the money so paid.

Every payment of money into the Insolvency Account under paragraph (1) shall be accompanied by a form obtainable from the Department for that purpose.

Where in a voluntary winding up a liquidator or former liquidator pays any unclaimed dividend into the Insolvency Account, he shall at the same time give notice to the Department, on a form obtainable from the Department, of the name and address of the person to whom the dividend is payable and the amount of the dividend.