COMPANIES ACT - 1963 (ACT 179)

    Section - 257 - Liquidation Account

    (1) The liquidator shall open an account, to be known as the private liquidation account, with a bank nominated by the company in general meeting for the purposes of the private liquidation.

    (2) All receipts and payments by or on behalf of the liquidator in respect of the company shall be credited or debited, as the case may be to such private liquidation account.

    (3) If, on the application of the company or any other person interested in the liquidation proceedings, it appears to the Court before the termination of the liquidation, that assets have been lost to the estate by reason of any default by the liquidator, the Court may order that the private liquidation account be credited with such sum as may appear to the Court to be just.