Section 112: Custody and vesting of company’s property

112. Custody and vesting of company’s property (1) Where a provisional liquidator has been appointed or a winding up order has been made, the provisional liquidator or liquidator shall forthwith take into his custody or under his control all the property to which the company is or appears to be entitled. (2) The Court may, on the application of the liquidator, order that the property of the company shall vest in the liquidator and the property shall, subject to subsection (4), vest accordingly and the liquidator may, after giving such indemnity, if any, as the Court directs, bring or defend any action which relates to that property or which it is necessary to bring or defend for the purpose of effectually winding up the company and recovering its property. (3) On the service of an order appointing a provisional liquidator or liquidator on any bank, financial institution, issuer of securities or any other person holding property or securities on behalf of or in the name of the company, the bank, institution, issuer or person shall hold that property for and at the discretion of the provisional liquidator or liquidator. (4) Where an order is made under subsection (2), every liquidator in relation to whom the order is made shall within 7 days of the making of the order— (a) lodge with the Director a copy of the order; and (b) where the order relates to immovable property, deliver a copy of the order to the Registrar General. (5) No order under subsection (2) shall have effect to transfer or otherwise vest immovable property until the appropriate entries are made with respect to the vesting by the Registrar General.