Section 60

give notice of the winding up of the company to the Director

General within fourteen days after the resolution is effective or order is made;

before disposing of any of the assets of the company, set aside such sum out of the assets as appears to the Director

General to be sufficient to provide for any departure levy that is or will thereafter become due and payable in respect of the company; and

Departure Levy 41

pay the departure levy referred to in paragraph (b).

A liquidator of any company referred to in subsection (1) who fails to give notice to the Director General within the time specified in paragraph (1)(a) or fails to provide for payment of the departure levy as required under paragraph (1)(c) shall be personally liable for any departure levy that is or will become due and payable as aforesaid.

Any liquidator who fails to comply with subsection (1) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding one hundred thousand ringgit or to imprisonment for a term not exceeding one year or to both.

Where two or more persons are appointed as liquidators or are required by law to carry out the winding up of the company referred to in subsection (1), the obligations and liabilities attaching to a liquidator under this section shall attach to all such persons jointly and severally, subject to a right of contribution between themselves as in cases of contract.

Appointment of receiver to be notified to the Director General