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103.   Dissolution of company struck-off

Revised Laws of Saint Lucia (2022)

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103.   Dissolution of company struck-off

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    (1)   The duties of an official liquidator appointed under section 102 are limited to—

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      (a)     identifying and taking possession of all assets of the international business company;

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      (b)     calling for claims by advertisement in the Gazette and in such other manner as the official liquidator deems appropriate, requiring all claims to be submitted to him or her within a period of not less than 90 days immediately following the date of the advertisement; and

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      (c)     applying those assets that he or she recovers in the following order of priority—

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        (i)     in satisfaction of all outstanding fees, licence fees and penalties due to the Registrar, and

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        (ii)     in satisfaction pari passu of all other claims admitted by the official liquidator.

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    (2)   In order to perform the duties with which the official liquidator is charged under subsection (1), the official liquidator may exercise such powers as the Court may as it considers reasonable confer on the official liquidator.

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    (3)   The official liquidator may require such proof as the official liquidator considers necessary to substantiate any claim submitted to him or her and the official liquidator may admit, reject or settle claims on the basis of the evidence submitted to him or her.

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    (4)   When the official liquidator has completed his or her duties, the liquidator shall submit a written report of his or her conduct of the liquidation proceedings to the Registrar and, upon receipt of the report by the Registrar, all assets of the international business company, wherever situated, that are not disposed of, vest in the Government and the international business company is dissolved.

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    (5)   The official liquidator is entitled to such remuneration out of the assets of the international business company for his or her services as the Court approves, but if the international business 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.

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    (6)   No liability attaches to an official liquidator—

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      (a)     to account to creditors of the international business company who have not submitted claims within the time allowed by him or her; or

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      (b)     for any failure to locate any assets of the international business company.

(Amended by Act 14 of 2002)

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