(1)
Where a company is being wound up and is about to be dissolved, the books and papers of the company and of the liquidators may be disposed of in the following manner—
(a)
in the case of a winding-up by, or under the supervision of, the Court in such way as the Court directs ;
(b)
in the case of a members’ voluntary winding-up, in such a way as the company by special resolution directs ; and
(c)
in the case of a creditors’ voluntary winding-up, in such way as the Committee of Inspection or, if there is no such committee, as the creditors of the company, may direct.
(2)
After five years from the dissolution of the company no responsibility shall rest on the company, the liquidators, or any person to whom the custody of the books and papers has been committed, by reason of any book or paper not being forthcoming to any person claiming to be interested therein.
(3)
Provisions may be made by general rules for enabling the Commission to prevent, for such period (not exceeding five years from the dissolution of the company) as it may consider proper, the destruction of the books and papers of a company which has been wound up, and for enabling any creditor or contributory of the company to make representations to it and to appeal to the Court from any direction which may be given by it in the matter.
(4)
A person who acts in contravention of any general rule made for the purposes of this section or any direction of the Commission, is liable to a penalty as prescribed by the Commission in the Regulations.