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Co-Operative Societies Act 2008

171. Costs of liquidation

1.      A liquidator shall pay the costs of liquidation out of the property of the society and shall pay or make adequate provision for all claims against the society.

2.      After the date specified by the liquidator for distribution pursuant to section 168(c) (iii), he may distribute all or any part of the assets of the society among the parties entitled to the assets having regard to the claims of which the liquidator has notice.

3.      The liquidator is not liable for any part of the assets of the society distributed pursuant to subsection (2) to any person notice of whose claim the liquidator did not have at the time of distribution.

4.      When distributing the assets of a society pursuant to this section, the liquidator shall pay, in priority to the claims of the creditors of the society, the wages or salaries of all persons, other than directors, employed by the society at the time of the commencement of the liquidation or within one month before, not greater than 3 months’ wages or salary, and those persons are entitled to rank as creditors of the society for any residue of their claims.

Cooperative Societies Act, 2008 Back

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