BANKRUPTCY ACT

Section 125: Unclaimed and undistributed dividends or funds.

1979Section 125 of 143Federal Republic of Nigeria

(1) Where the dividend, under any bankruptcy, composition or scheme, pursuant to this Act has remained unclaimed for more than six months or where, after making a final dividend, he has in his hands or under his control any unclaimed or undistributed money arising from the property of the debtor, he shall forthwith pay it to the Registrar who shall carry the same to an account to be termed the Bankruptcy Estates Account.
(2) The Registrar's receipt for the money so paid shall be a sufficient discharge to the trustee in respect thereof.
(3) The trustee, whether he has obtained his release or not, may be called upon by the Court to account for any unclaimed funds or dividends and any failure to comply with the requisitions of the Court in this behalf may be dealt with as a contempt of Court.
(4) Any person claiming to be entitled to any moneys paid into the Bankruptcy Estates Account under this Act may, within five years of the date when the same was so paid in, apply to the Registrar for payment to him of the same, and the Registrar, if satisfied that the person claiming is entitled, shall make an order for the payment to such person of the sum due.
(5) Any person dissatisfied with the decision of the Registrar may appeal to the Court.
(6) After any money has remained unclaimed in the Bankruptcy Estates Account for a period of five years, it shall be paid into the Consolidated Revenue Fund of the Federation.

Cite this section

Section 125, BANKRUPTCY ACT (1979).

https://repo.podus.ai/laws/bankruptcy-act/section/125/