Companies Act (Cap. 386), article 312

312. ( 1 ) T h e p r o v i s i o n s o f t h i s a r t i c l e s h a l l a p p l y i f i n t h e course of the winding up of a company, whether by the court or voluntarily, it appears that a person who - (a) is or has been an offi cer of the company; (b) has acted as liquidator of the company; or (c) not being a person falling within paragraphs ( a) and (b), is or has been concerned, or has taken part in the promotion, formation or management of the company, has misapplied or retained or b ecome accountable for, any money or other property of the company, or been guilty of any imprope r performance or breach of duty in relation to the company. (2) The court may, on the applicat ion of the official receiver o r the liquidator, or of any creditor or contributory, examine the conduct of any person referred to in sub-article (1) and may compel him - (a) to repay, restore or account for the money or property or any part of it, with interest at such rate as the court thinks fit; or (b) to contribute such sum to th e company’s assets by way of compensation in respect of the improper performance or breach of duty as the court thinks fit. 190 CAP. 386.] COMP ANIES Fraud by officers of companies subsequently dissolved. Amended by: L.N. 425 of 2007; XVIII.2025.39.