Diminution of insurance fund

(1) Where in the course of the winding-up of a company, the Court is satisfied that the amount of an insurance fund has been diminished by reason of any contravention of this Act, every person who at the time of the contravention was a director, the principal representative or an officer of the company, shall be deemed in respect of the contravention to have committed a misfeasance unless he proves that the contravention occurred without his knowledge and that he used all due diligence to prevent its occurrence. (2) The Court may assess the sum by which the amount of the insurance fund has been diminished by reason of the misfeasance and may order any person found guilty of misfeasance to contribute to the insurance fund the whole or any part of that sum by way of compensation.