Section 164: Unclaimed assets
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
164. Unclaimed assets
(1) Subject to section 66 of the Insurance Act, where a liquidator has in
his possession, custody or control—
(a) any unclaimed dividend or other money which has remained unclaimed for more than 6 months from the date when the dividend or other money became payable; or
(b) after making a final distribution, any unclaimed or undistributed
money arising from the property of the company,
he shall forthwith pay those moneys to the Official Receiver to be placed to
the credit of a Companies Liquidation Account and, on such payment, he
shall be entitled to a certificate issued by the Official Receiver which shall be
an effectual discharge to him in that behalf.
(2) The Court may, on the application of the Official Receiver—
(a) order a liquidator to submit an affidavit of the account of any
unclaimed or undistributed dividend or other money in his possession, control or custody;
(b) direct an audit of the account; or
(c) direct the liquidator to pay the money to the Official Receiver to
be placed to the credit of the Companies Liquidation Account.
(3) Except where it is otherwise prescribed, the Court may for the purposes of this section exercise all powers conferred by section 121 with respect to the discovery and realisation of the property of the company.
(4) Where a person makes a claim to any money placed to the credit of
the Companies Liquidation Account, the Official Receiver shall, on being satisfied that the claimant is the owner of the money, authorise payment to be
made to him accordingly out of the Companies Liquidation Account.
(5) Any person aggrieved by a decision of the Official Receiver in respect
of a claim under subsection (4) may appeal to the Court which may confirm,
reverse or modify the decision and make such order as it thinks fit.
(6) Where any money paid to a claimant is afterwards claimed by another
person, that other person shall not be entitled to any payment out of the
Companies Liquidation Account but may have recourse against the claimant
to whom the money has been paid.
(7) Any unclaimed money paid to the credit of the Companies Liquidation
Account to the extent to which the money has not under this section been
paid out of the account shall, after the expiry of 7 years from the date of the
payment of the moneys to the credit of the account, be paid into the Insolvency Surplus Account.
I14 – 97 [Issue 3]
Insolvency Act