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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 308

Information as to pending liquidations.

308.(1) Where a company has been wound up voluntarily and is about to be
dissolved the liquidator shall lodge to such account and in such manner as may
be prescribed [by regulations made by the Ministry] the whole unclaimed
dividends and unapplied or undistributable balances.

[(1A) Where a company has been wound up by the court, the court may order
the liquidator to lodge all or any part of any unclaimed dividends and any
unapplied or undistributable balances to such account and in such manner as
may be prescribed by regulations made by the Ministry under sub-section (1).]

[(2) Any person claiming to be entitled to any dividend or payment out of a
lodgment made in pursuance of sub-section (1) or (1A) may apply to
the Ministry for payment thereof and the Ministry may, on a certificate by
the liquidator that the person claiming is entitled, or on other evidence of
entitlement, make an order for the payment to that person of the sum due.]

(3) At the expiration of seven years from the date of any lodgment made in
pursuance of sub-section (1)[or (1A)], the amount of the lodgment remaining
unclaimed shall be paid into the Exchequer, but where [the Ministry] is
satisfied that any person claiming is entitled to any dividend or payment out
of the moneys paid into the Exchequer, it may order payment of the same and
the Ministry of Finance shall issue out of the Consolidated Fund such sum as
may appear to that Ministry to be necessary to provide for that payment.

[(4) Any person dissatisfied with a decision of the Ministry in respect of a
claim made under sub-section (2) or (3) may appeal to the court against that
decision.

(5) Regulations made by the Ministry under sub-section (1) shall be subject to
negative resolution.]]

© 1960 Crown Copyright

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