COMPANIES ACT - 1963 (ACT 179)

    Section - 252 - Disqualification of Liquidator

    (1) The following persons shall not be competent to be appointed or to act as liquidators of a company under this Part of this Code, namely,

    (a) an infant;

    (b) any person found by a court of competent jurisdiction to be a person of an unsound mind;

    (c) a body corporate;

    (d) any person convicted on indictment, whether in Ghana or elsewhere, of any offence involving fraud or dishonesty or any offence in connection with the promotion, formation or management of a body corporate;

    (e) an undischarged bankrupt or any other person subject to insolvency proceedings under the Insolvency Act, 1962 (Act 153).

    (2) A director of a company shall not be qualified for appointment as a liquidator of that company.

    (3) An auditor of a company may be appointed as liquidator of that company:

    Provided that an auditor of a company shall not be appointed as liquidator in a private liquidation unless on his appointment special resolution is duly passed dispensing with the auditing of his accounts and he, or another auditor if more than one, is duly qualified under section 296 of this Code for appointment as auditor of a public company.

    (4) Any appointment made in contravention of this section shall be void; and if any of the persons named in paragraph (a), (c), (d) or (e) of subsection (1) or in subsection (2) of this section shall act as liquidator of a company, he shall be liable to a fine not exceeding five hundred pounds or in the case of an individual to imprisonment for a term not exceeding five years or to a fine not exceeding five hundred pounds or to both such imprisonment and fine.