Section 562 CAMA 2020
Section 562 Companies and Allied Matters Act is about Enforcement of duty of receivers and managers to make returns, etc. It is under Chapter 19 (Receivers and managers, appointment of receivers and managers) of the Act.
(1) If any receiver or manager of the property of a company having—
(a) made default in filing, delivering or making any returns, account or other document, or in giving any notice which a receiver or manager is bylaw required to file, delivers, makes, gives or fails to make good the default within 14 days after the service on him of a notice requiring him to do so, or
(b) been appointed under the powers contained in any instrument has,after being required at any time by the liquidator of the company so to do,fails to render proper accounts of his receipts and payment and to vouch the same and to pay over to the liquidator the amount properly payable to him, the Court may, on an application made for that purpose, make an order directing the receiver or manager, as the case may be to make good the default within such time as may be specified in the order.
(2) In the case of any default under subsection (1)(a), an application may be made by any member or by the Commission, and in the case of any default under subsection (1)(b), the application shall be made by the liquidator,and in either case the order may provide that all costs shall be borne by the receiver or manager.
(3) Nothing in this section shall be taken to prejudice the operation of any enactment imposing penalties on receivers in respect of any default mentioned in subsection (1).
