Paragraph 18 Rule 4.22

For Rule 4.22 there shall be inserted the following:—

“Taking possession and realisation of the company’s assets

4.22

(1)

The liquidator shall—

(a)

as soon as may be after his appointment take possession of the whole assets of the company and any property, books, papers or records in the possession or control of the compamy or to which the company appears to be entitled; and

(b)

make up and maintain an inventory and valuation of the assets which he shall retain in the sederunt book.

(2)

The liquidator shall be entitled to have access to all documents or records relating to the assets or the property or the business or financial affairs of the company sent by or on behalf of the company to a third party and in that third party’s hands and to make copies of any such documents or records.

(3)

If any person obstructs a liquidator who is exercising, or attempting to exercise, a power conferred by sub-section (2) above, the court, on the application of the liquidator, may order that person to cease so to obstruct the liquidator.

(4)

The liquidator may require delivery to him of any title deed or other document or record of the company, notwithstanding that a right of lien is claimed over the title deed or document or record, but this paragraph is without prejudice to any preference of the holder of the lien.

(5)

Section 39(4) and (7) of the Bankruptcy Act shall apply in relation to a liquidation of a company as it applies in relation to a sequestration of a debtor’s estate, subject to the modifications specified in Rule 4.16(2) and to any other necessary modifications.”.