Unclaimed Money Act 1950

A liquidator of a company who—

has in his or her hands or under his or her control any amount (including a dividend) that has remained unclaimed for longer than 6 months from when the amount became payable; or

after making a final distribution, has in his or her hands or under his or her control any unclaimed or undistributed amount arising from the property of the company;

must pay that amount to the public trustee and guardian.

The Supreme Court may, at any time, on the application of the public trustee and guardian, by order, direct a liquidator to submit to the court an account of any unclaimed or undistributed amounts in his or her hands.

If the Supreme Court makes an order under subsection (2), it may, by its order, give directions about—

the verification of the account; and

the auditing of the account; and

the payment by the liquidator to the public trustee and guardian of unclaimed or undistributed amounts.

A liquidator who makes a payment to the public trustee and guardian in accordance with subsection (1) or in accordance with an order under subsection (2) must give the public trustee and guardian particulars of—

the amount paid; and

the name of the company concerned; and

the name of the person who appears, from the records of the company, to be entitled to the amount to which the payment relates.

If a liquidator pays an amount to the public trustee and guardian in accordance with subsection (1) or in accordance with an order made under subsection (2), the liquidator is discharged from liability to anyone in relation to the amount.

Part 3 Unclaimed amounts payable by companies