Dissolution of company struck off

(1) If the name of a company has been struck off the Register under section 107 and remains struck off continuously for a period of three years, the company shall be deemed to have been dissolved, but the Registrar may apply to the court on or before the expiration of the period of three years, to have the company put into liquidation, and a person appointed by the court shall be the official liquidator thereof. (2) The duties of an official liquidator in respect of a company in liquidation pursuant to sub-section (1) are limited to– (a) identifying and taking possession of all assets of the company; (b) calling for claims by advertisement in the Gazette or the website of the Registrar and in such other manner as he deems appropriate, requiring all claims to be submitted to him within a period of not less than 90 days immediately following the date of the advertisement; and International Business Companies[CAP. 270 117 (c) applying those assets that he recovers in the following order of priority– (i) in satisfaction of all outstanding fees, licence fees and penalties due to the Registrar; and (ii) in satisfaction pari passu of all other admitted by the (3) In order to perform the duties with which he is charged under sub-section (2), the official liquidator may exercise such powers as the court may consider reasonable to confer on him. (4) The official liquidator may require such proof as he considers necessary to substantiate any claim submitted to him and he may admit, reject or settle claims on the basis of the evidence submitted to him. (5) When the official liquidator has completed his duties, he shall submit a written report of his conduct of the liquidation proceedings to the Registrar and, upon receipt of the report by the Registrar, all assets of the company, wherever situate, that are not disposed of, vest in the Crown and the company is dissolved. (6) The official liquidator is entitled to such remuneration out of the assets of the company for his services as the court approves, but if the company is unable to discharge all of its claims, debts, liabilities and obligations, payment of the official liquidator’s remuneration shall be a charge on the Consolidated Fund. (7) No liability attaches to an official liquidator– (a) to account to creditors of the company who have not submitted claims within the time allowed by him; or 118 (b) for any failure to locate any assets of the costs.