4. Mr. C knows that AZ Company’s bank account will be frozen after the presentation of a winding-up petition against it, but he is still afraid that the company’s assets may be dissipated in other ways. What should he do?
Mr. C may apply to the Court for the appointment of a provisional liquidator after the presentation of the winding-up petition. The provisional liquidators will take the necessary steps to preserve the assets of the Company. A sum of $3,500 is required to be deposited with the Official Receiver’s Office. But sometimes additional sum is necessary if so required.