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Amendment of section 298 of the Principal Act.
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142.—The Principal Act is hereby amended by the substitution for section 298 of the following section—
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“298.—(1) Subsection (2) applies if in the course of winding up a company it appears that any person who has taken part in the formation or promotion of the company, or any past or present officer, liquidator, receiver or examiner of the company, has misapplied or retained or become liable or accountable for any money or property of the company, or has been guilty of any misfeasance or other breach of duty or trust in relation to the company.
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(2) The court may, on the application of the liquidator, or any creditor or contributory, examine into the conduct of the promoter, officer, liquidator, receiver or examiner, and compel him—
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(a) to repay or restore the money or property or any part thereof respectively with interest at such rate as the court thinks just, or
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(b) to contribute such sum to the assets of the company by way of compensation in respect of the misapplication, retainer, misfeasance or other breach of duty or trust as the court thinks just.
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(3) This section has effect notwithstanding that the offence is one for which the offender may be criminally liable.”.
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