Section 68: Special powers in winding up.

(1) Where an obligor that is a body corporate fails to comply in full, within 30 days, with a written demand notice issued by the Corporation requiring the obligor to pay a liquidated sum to the Corporation which the Corporation certifies on the face of the demand as being owed by the obligor to a failed insured institution, the Court shall, on the application of the Corporation made by originating motion, make a winding-up order against the obligor except where at the hearing of the application, the obligor proves to the satisfaction of the court that it does not owe any liquidated sum at all to the failed insured institution or that it has a counter-claim, set-off, or cross-demand which equals or exceeds the liquidated sum owed to the failed insured institution.
(2) Where a winding up order is made under subsection (1), the Court, on the application of the Corporation, shall appoint the official receiver or some other fit person to assume the office of the liquidator to wind up the affairs of the obligor.
(3) Subject to subsection (1), any liquidator appointed under this Act shall have all the powers of a liquidator under the Companies and Allied Matters Act, and shall discharge his duties in accordance with that Act.
(4) Any act, directive, or permission authorised or required to be done by the committee of inspection or by the creditors under the Companies and Allied Matters Act may be done or given by the court upon the application of the liquidator. [Act No. 3, 2020]
(5) A winding-up order made against any obligor under this Act shall be deemed to have been made under the Companies and Allied Matters Act, and the provisions of the Companies and Allied Matters Act shall have effect, with such modifications as are contained in this Act.