Companies Act (Cap. 386), article 241

241. (1) Upon his appointment the liquidator shall notify the Registrar of any bank account wh ich the liquidato r shall use fo r the purposes of receiving and maki ng payments on behalf of the company. The liquidator shall not be entitled to receive and ma ke payments until he has made such notification. (2) If any such liquidator retains for more than ten days, other than in a bank account mentioned in sub-article (1), a sum exce eding five hundred euro (500) or such other amount as the Registrar i n any particular case authorizes him t o retain, then, unless he expla ins the retention to the satisfaction of the Registrar, the liquidator shall pay interest on the amount so retained in excess, at the annual rat e of two percentage points above the Central Bank of Malta minimum discount rate and shall be liable to forfeiture of all or such part of his remuneration as the court may think just, and to be removed from his office by the court, and shall furthermore be liable t o pay any expenses occasi oned by his default. (3) A liquidator of a company which is being wound up by the court shall not pay any sums received by him as liquidator into an account or accounts other than an account or accounts which has been notified to the Registrar. (4) It shall not be lawful to i ssue precautionary or executive warrants over any accounts opened by the liquidator in accordan ce with this article. COMP ANIES [CAP. 386. 163 Audit of liquidator’s accounts.