Section 491. Orders of release or dissolution

(1) Where an order is made that the company be dissolved, the company shall from the date of the order, be dissolved accordingly.

(2) The Court—

(a) may cause a report on the accounts of a liquidator, other than the Official Receiver, to be prepared by the Official Receiver or by a qualified auditor appointed by the Court;

(b) after the liquidator has complied with all the requirements of the Court, shall take into consideration the report and any objection which is urged by the Official Receiver, auditor or any creditor or contributory or other person interested against the release of the liquidator; and

(c) shall either grant or withhold the release accordingly.

(3) Where the release of a liquidator is withheld, the Court may, on the application of any creditor or contributory or person interested, make such order as it thinks appropriate charging the liquidator for any act or default done or made contrary to his duties.

(4) An order of the Court releasing the liquidator shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the company or otherwise in relation to his conduct as liquidator, but any such order may be revoked on proof that it was obtained by fraud or by suppression or concealment of any material fact.

(5) Where the liquidator has not previously resigned or been removed, the liquidator’s release shall operate as a removal from office.

(6) Where the Court has made—

(a) an order that the liquidator be discharged; or

(b) an order that the liquidator be discharged and the company be dissolved,

an office copy of the order shall, within fourteen days from the making of the order, be lodged by the liquidator with the Registrar and the Official Receiver.

(7) Any liquidator who contravenes the requirements of subsection (6) commits an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit and in the case of a continuing offence, to a further fine not exceeding five hundred ringgit for each day during which the offence continues after conviction.