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LIQUIDATION & OFFICIAL RECEIVER ( BUSINESS ASSOCIATION)

Liquidation & Official Receiver

Source: URSB

The office of the official receiver is created by Section 198 of the insolvency Act, 2011. The Registrar General was appointed by the Minister of Justice and Constitutional Affairs as the Official Receiver and mainly deals with issues of individual and corporate insolvencies.


The Official Receiver under section 199 of the insolvency Act is mandated to:


Investigate the directors, shareholders, contributories and all present and past officers of an insolvent company or of a company which being wound up or liquidated, for the purpose of establishing any fraud or impropriety;


Investigate the promotion, formation, failure and conduct of business of an insolvent company;


Prosecute any person for offences committed under this Act or discovered to have a case to answer as a result of investigations carried out;


Investigate the conduct of insolvency practitioners and to prosecute them for any offences committed;


Act during a vacancy in the office of an insolvency practitioner: and


Take all necessary steps and actions considered fit by the official receiver to fulfill the provisions of this Act.


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