Companies Act 2014 section 623

Unclaimed dividends and balances to be paid into a particular account

Section 623 deals with what happens to unclaimed dividends and undistributed balances when a company is being wound up and is about to be dissolved, including the requirement to lodge these funds into a prescribed account, the process for claimants to recover funds, and the eventual transfer of unclaimed money to the Exchequer.

• When a company is about to be dissolved following a winding up, the liquidator must lodge all unclaimed dividends and undistributed balances into an account prescribed by the Minister.
• Anyone who believes they are entitled to a share of the lodged funds may apply to the court in the prescribed manner to claim their dividend or payment.
• After seven years, any money still unclaimed is transferred to the Exchequer, though the court may still order payment to a person who can prove their entitlement, with the Minister for Finance releasing the necessary funds.
• Where a liquidator has invested or deposited funds at interest that form part of the amount to be lodged, the liquidator must realise the investment or withdraw the deposit and pay the proceeds into the prescribed account.