Section 683 CAMA 2020
Section 683 Companies and Allied Matters Act is about Information as to pending liquidations and disposal of unclaimed assets. It is under Chapter 24 (Provisions applicable to every mode of winding-up) of the Act.
(1) Where a company is being wound up, and the winding-up isn’t concluded within one year after its commencement, the liquidator shall, at such intervals as may be prescribed until the winding-up is concluded, send to the Commission a statement in the prescribed form containing the prescribed particulars with respect to the proceedings in, and position of, the liquidation.
(2) Any person stating himself in writing to be a creditor or contributory of the company is entitled, by himself or his agent, at all reasonable times andon payment of the prescribed fee, to inspect the statement, and receive a copyor extract of the statement, but a person who falsely states himself to becreditor or contributory is liable to contempt of Court, and is punishable on the application of the liquidator or official receiver.
(3) If a liquidator fails to comply with the requirements of this section, he is liable to a penalty as prescribed by the Commission in the Regulations.
(4) If it appears from any such statement or otherwise that a liquidator has in his custody or under his control any money representing unclaimed or undistributed assets of the company which have remained unclaimed or undistributed for six months after the date of their receipt, the liquidator shall immediately pay the same to the companies liquidation account mentioned insection 591 of this Act and is entitled to a certificate of receipt in the prescribed form for the money so paid, which is an effectual discharge to him.
(5) For the purposes of ascertaining and getting in any money payable into the companies liquidation account under this section—
(a) the Commission may at any time order any such liquidator to submit to it an account verified by affidavit of the sums received and paid by him under or in pursuance of the liquidation, and may direct and enforce anaudit of the account and if the liquidator fails to submit the account within such reasonable time as the Commission directs, he shall be liable to contemptof Court and may, on the application of the Commission to the Court made for the purpose, be punished accordingly ; and
(b) the Court may, if default is made in submitting the account referred to under this section—
(i) by warrant addressed to any police officer, cause the liquidator tobe arrested, and all books, papers and money or goods, relating to the liquidation in his possession to be seized and him and them to be safelykept until such time as the Court may order,
(ii) at any time by order addressed to the Postmaster-General of theNigerian Postal Service require that, for a period of not more than threemonths, letters addressed to the liquidator and sent through the post, bein course of post, redirected, sent or delivered to or at any place or places mentioned in the order,
(iii) summon the liquidator or his wife, or any person known or suspected to have in his possession any book or paper relating to the liquidation, and any money or goods belonging to the liquidator or representing any unclaimed or undistributed assets of the company, or summon any person whom the Court deems capable of giving information respecting any book, paper, money, goods or other asset, and require any person summoned under this paragraph to produce documents in his custody or under his control relating to the liquidator’s dealings with the property of the company,
(iv) where any person on examination before it admits that he is indebted to the company, by order made on the application of the official receiver or liquidator, direct payment to the official receiver or liquidator,as the case may be, of the amount admitted, or any part, either in full discharge of the whole amount in question or not at such time and in such manner as the Court deems fit, with or without costs of the examination,
(v) examine on oath, either by word of mouth or written interrogatories,any person so brought before it concerning the liquidator and his dealings with the property of the company, and
(vi) if any person on examination before the Court admits that he hasin his possession any money properly payable into the company’s liquidation account under this section, order him to pay any such money into that account.
(6) A person claiming to be entitled to money paid into the company’s liquidation account under this section may apply to the Commission for payment,and the Commission, if the liquidator certifies the claim, may make an order for payment accordingly.
(7) An appeal shall lie to the Court by any person claiming to be dissatisfied with the decision of the Commission in respect of any claim made under this section.
