Division 7 — Investment of assets of company
and realisation of investment
Investment of company’s assets and realisation
47.—(1)  Where the committee of inspection or, if there is no committee of inspection, the liquidator is of the opinion that any part of the cash balance standing to the credit of the account of the company in the Companies Liquidation Account is in excess of the amount that is required for the time being to answer demands in respect of the estate of the company and should be invested or placed on deposit at interest with any bank —
(a)the committee of inspection or, if there is no committee of inspection, the liquidator may sign in accordance with Form CWU‑13 —
(i)a certificate of the opinion of the committee of inspection or the liquidator, as the case may be; and
(ii)a request to invest or deposit the cash balance; and
(b)the liquidator must submit the signed certificate and request to the Official Receiver.
(2)  Whenever any part of the money so invested or deposited is, in the opinion of the committee of inspection or, if there is no committee of inspection, the liquidator, required to answer any demands in respect of the company’s estate —
(a)the committee of inspection or, if there is no committee of inspection, the liquidator may sign a certificate in Form CWU‑14 to certify the opinion of the committee of inspection or the liquidator (as the case may be) and a request to realise the investment or withdraw the deposit; and
(b)the liquidator must submit the signed certificate and request to the Official Receiver.
(3)  The Official Receiver may, after considering the certificate and request of the committee of inspection or, if there is no committee of inspection, the liquidator, if the Official Receiver thinks fit, carry out a request mentioned in paragraph (1) or (2), and the certificate and request constitute sufficient authority to the Official Receiver for carrying out the request.