Companies Act 2014 section 596

Custody of company's property

Section 596 deals with the liquidator's duty to secure and take control of a company's property, records and seal upon appointment, and the obligation on others to surrender company property to the liquidator.

• Upon appointment, the liquidator must take custody or control of the company's seal, books, records and all property the company is or appears to be entitled to.
• Any person without lawful entitlement who holds company books, records or property at or after the date of the liquidator's appointment must surrender them immediately.
• This provision applies to both court-ordered and voluntary windings-up, facilitating the recovery of records and assets from persons who have no legal right to withhold them.
• The term "liquidator" in this section does not include a provisional liquidator, whose duties and powers are determined separately by the court.