Winding-up and Restructuring Act (R.S.C., 1985, c. W-11)

Marginal note:Money deposited not paid after three years

• 139. (1) The money deposited in a bank by a liquidator after the final winding-up of the business of a company shall be left for three years in the bank, subject to be claimed by the persons entitled thereto.

• Marginal note:Unclaimed money

  (2) Money not paid out pursuant to subsection (1) shall be paid over by the bank, with the interest accrued on it, to the Minister of Industry, and if afterwards claimed shall be paid, with that interest, to the persons entitled to it.

Marginal note:Court may direct criminal proceedings

140. When a winding-up order is made in respect of a company, if it appears in the course of the winding-up that any past or present director, manager, officer or member of the company is guilty of an offence in relation to the company for which he is criminally liable, the court may, on the application of any person interested in the winding-up, or of its own motion, direct the liquidator to institute and conduct a prosecution or prosecutions for the offence and may order the costs and expenses to be paid out of the assets of the company.

Marginal note:Destruction of books or false entry therein

141. Every person who, with intent to defraud or deceive any person, destroys, mutilates, alters or falsifies any book, paper, writing or security, or makes or is privy to the making of any false or fraudulent entry in any register, book of account or other document belonging to a company, the business of which is being wound up under this Act, is guilty of an indictable offence and liable to imprisonment in the penitentiary for any term not less than two years or to imprisonment in any jail or in any place of confinement other than a penitentiary for any term less than two years, with or without hard labour.

Marginal note:Failure to comply with order of court

• 142. (1) Any liquidator, director, manager, receiver, officer or employee of a company who fails to comply with the requirements or directions of any order made by a court under this Act is guilty of contempt of court and is subject to all processes and punishments of the court for contempt.

• Marginal note:Removal of liquidator

  (2) Any liquidator who fails to comply as described in subsection (1) may, in the discretion of the court, be removed from office as liquidator.

Marginal note:Refusal by officers of company to give information

143. Any refusal on the part of the president, directors, officers or employees of a company to give all information possessed by them respectively as to the affairs of the company required by the accountant or other person ordered by a court under this Part to inquire into the affairs of the company and to report thereon is a contempt of court, and the president, directors, officers or employees are subject to all processes and punishments of the court for contempt.