COMPANIES ACT - 1963 (ACT 179)

    Section - 258 - Duty of Liquidator in Case of Insolvency

    (1) If in a private liquidation the liquidator is at any time of the opinion that the company may not be able to pay its debts in full within the period stated in the affidavit made under section 247 of this Code, he shall forthwith give notice thereof to the Registrar, together with a statement of the company's liabilities and assets.

    (2) The said notice and statement shall be in the prescribed form.

    (3) The Registrar, whether or not he makes an order under section 5 of the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180), shall register both the notice and the statement and cause a copy of the notice to be published in the Gazette.

    (4) If the liquidator fails to comply with this section he shall be liable to a fine not exceeding five hundred pounds.