Companies Act 2014 section 644

Custody of books and property upon vacation of office

Section 644 deals with what happens to a company's books, records, seal and property when a liquidator leaves office, and sets out the obligations of the departing liquidator to safeguard those items until a successor is appointed or the court directs otherwise.

• When a liquidator vacates office — whether by ceasing to be qualified, being removed, or resigning — specific custody rules apply to the company's books, records, seal and property.
• If no replacement liquidator has been appointed, the former liquidator must retain custody of all relevant items until a new liquidator takes over or the court directs how they should be delivered or disposed of.
• Handing over items to a new liquidator or as directed by the court does not affect any lien the former liquidator may hold over those items.
• Failure to comply with these custody obligations without lawful excuse is a category 3 offence.