About the Official Receiver
The Official Receiver is the public officer appointed by the Court to be the liquidator of companies in compulsory winding up.
The Official Receiver plays the role of:
- a liquidator in compulsory winding up
- a regulator in voluntary winding up and compulsory winding up where an approved liquidator has been appointed
A Liquidator in Compulsory Winding Up
The Official Receiver may be appointed by the Court as liquidator for a company in compulsory winding up and is entitled to exercise the powers of the liquidator as set out in section 272 of the Companies Act (Chapter 50).
A Regulator in Compulsory Winding Up
Where a private liquidator has been appointed by the Court as the liquidator of a wound up company, the Official Receiver shall take note of his conduct to ensure that he performs his duties and duly observes all requirements under the law.
Creditors and contributories who are unhappy with the conduct of private liquidators may lodge a complaint with the Official Receiver who will inquire into the matter. If the private liquidator resigns and there is a vacancy, the Official Receiver steps in as liquidator.
Before commencing with the liquidation work, the private liquidator has to provide sufficient security to be determined by the Official Receiver. A certificate will be issued by the Official Receiver to the liquidator confirming that he has provided security to the satisfaction of the Official Receiver.
The private liquidator has to file the Statement of Affairs with the Official Receiver and is also required to file his six-monthly accounts with the Official Receiver.
A Regulator in Voluntary Winding Up
The Official Receiver is not appointed as a liquidator for companies that are wound up voluntarily. However, the Official Receiver acts as a regulator in monitoring the conduct of the administration of such companies by private liquidators.
The private liquidator has to submit six-monthly accounts to the Official Receiver commencing from the date when the liquidator was first appointed to the end of six months after the appointment date.
In all windings up, the private liquidator has to forward to the Official Receiver any unclaimed dividends or other moneys which remain unclaimed for more than six months from the date when the dividends or other moneys became payable and any unclaimed or undistributed moneys arising from the property of the company after the final distribution.
These moneys will be placed in the Companies Liquidation Account and claimants may approach the Official Receiver directly for payment to be made to them.
All unclaimed dividends and moneys paid to the Official Receiver will be transferred to the Government's Consolidated Fund after seven years unless a claim is made earlier. A claimant may at any time make a claim for the moneys even after they are paid into the Consolidated Fund.