Section 413

Disposal of books and papers of company.— (1) Subject to any rules made under sub-section (3), when a company has been wound up and is about to be dissolved, the books and papers of the company and of the liquidators may be disposed of as follows, that is to say:

(a) in the case of a winding up by or subject to the supervision of the Court in such way as the Court directs;

(b) in the case of a members voluntary winding up, in such way as the company by special resolution directs; and

(c) in the case of a creditors’ voluntary winding up, in such a way, as the creditors of the company may direct.

(2) After the expiry of [1][five years] from the dissolution of the company no responsibility shall rest on the company, or the liquidators, or any person to whom the custody of the books and papers has been committed, by reason of any book or paper not being forthcoming to any person claiming to be interested

therein.

[2][(3) The Commission may, as specified by regulations, prevent the destruction of books and papers of a company which has been wound up.]

(4) Any contravention or default in complying with requirements of this section shall be an offence liable to a penalty of level 2 on the standard scale.

[1] Substituted through Companies Amendment Act, 2020 dated 26-08-2020. Before substitution it was:  “three years”

[2] Substituted through Companies Amendment Act, 2020 dated 26-08-2020. Before substitution it was:

“(3) The concerned Minister-in-Charge of the Federal Government, may by notification, prevent for such period (not exceeding three years from the dissolution of the company as the concerned Minister-in-Charge of the Federal Government thinks proper, the destruction of the books and papers of a company which has been wound up, and enable any creditor or contributory of the company to make representations to the concerned Minister-in-Charge of the Federal Government.”