Section 87: Submission of audited accounts to Bankruptcy Court
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
87. Submission of audited accounts to Bankruptcy Court
(1) Where all assets have been distributed in accordance with this Part,
the receiver shall submit audited accounts to the Bankruptcy Court.
(2) On approval of the accounts by the Bankruptcy Court—
(a) the licence of the financial institution shall be revoked;
(b) the Registrar of Companies shall be notified; and
(c) the receiver shall be relieved of any liability in connection with
the liquidation.
(S. 87 came into operation on 1 June 2007.)
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Questions this section answers
- What happens once a receiver finishes distributing a failed bank's assets?