Section 510 of Insolvency Act CAP 53: Prosecution of delinquent officers and members of company in liquidation
(1) If, in the course of liquidating a company, the Court concludes that a person who was at the relevant time a past or present officer, or a member, of the company may have committed an offence in relation to the company for which the person is criminally liable, the Court may (either on the application of a person interested in the liquidation or on its own initiative) direct the liquidator to report the matter to the Official Receiver.
(2) If, in the case of a company being liquidated by the Court, the liquidator (not being the Official Receiver) concludes that a person who, at the relevant time was a past or present officer, or a member, of the company, may have committed an offence in relation to the company for which the person is criminally liable, the liquidator shall report the matter to the Official Receiver.
(3) If, in the course of a voluntary liquidation, the liquidator concludes that a person who, at the relevant time, was a past or present officer, or a member, of the company, may have committed an offence in relation to the company for which the person is criminally liable, the liquidator shall immediately report the matter to the Official Receiver.
(4) In making a report to the Official Receiver in accordance with subsection (1), (2) or (3), the liquidator shall provide the Official Receiver with—
(a) such information; and
(b) such access to and facilities for inspecting and taking copies of documents, as the Official Receiver reasonably requires and the liquidator is reasonably able to give or provide.
(5) As soon as practicable after receiving a report of a matter in accordance with subsection (1), (2) or (3), the Official Receiver shall forward the report to the Attorney-General for further investigation, together with—
(a) the information and documents (if any) given or provided in accordance with subsection (4); and
(b) such observations on the report and on the information and documents (if any) as the Official Receiver considers relevant.
(6) If the liquidator of a company being liquidated by the Court is the Official Receiver and the Official Receiver concludes that a person who, at the relevant time was a past or present officer, or a member, of the company, may have committed an offence in relation to the company for which the person is criminally liable, the Official Receiver shall immediately report the matter to the Attorney-General for further investigation, together with such observations on the matter as the Official Receiver considers relevant.
(7) On receiving a report made under subsection (5) or (6), the Attorney-General shall investigate the matter reported and such other matters relating to the affairs of the company as appear to the Attorney-General to require investigation.
(8) For the purpose of an investigation under subsection (7), the Attorney-General may exercise any of the powers conferred on an inspector appointed under the Companies Act (Cap. 486) to investigate a company's affairs.
(9) If, in the course of a voluntary liquidation, the Court concludes that—
(a) any past or present officer of the company, or any member of it, has committed an offence as referred to in subsection (1); and
(b) no report with respect to the matter has been made by the liquidator in accordance with subsection (3),
the Court may, on the application of any person interested in the liquidation or on its own initiative, direct the liquidator to make such a report.
(10) On the making of a report in accordance with subsection (9), this section has effect as though the report had been made in accordance with subsection (3).
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