Local bank account and handling of funds not belonging to the company
6.—(1) This regulation does not apply in the case of a voluntary winding up.
(2) Where the liquidator intends to exercise his power to carry on the business of the company, he may apply to the Secretary of State for authorisation to open a local bank account, and the Secretary of State may authorise him to make his payments into and out of a specified bank, subject to a limit, instead of into and out of the Insolvency Services Account if satisfied that an administrative advantage will be derived from having such an account.
(3) Money received by the liquidator relating to the purpose for which the account was opened may be paid into the local bank account to the credit of the company to which the account relates.
(4) Where the liquidator opens a local bank account pursuant to an authorisation granted under paragraph (2) above, he shall open and maintain the account in the name of the company.
(5) Where money which is not an asset of the company is provided to the liquidator for a specific purpose, it shall be clearly identifiable in a separate account.
(6) The liquidator shall keep proper records, including documentary evidence of all money paid into and out of every local bank account opened and maintained under this regulation.
(7) The liquidator shall pay without deduction any surplus over any limit imposed by an authorisation granted under paragraph (2) above into the Insolvency Services Account in accordance with regulation 5 above as that regulation applies in the case of a winding up by the court.
(8) As soon as the liquidator ceases to carry on the business of the company or vacates office or an authorisation given in pursuance of an application under paragraph (2) above is withdrawn, he shall close the account and pay any balance into the Insolvency Services Account in accordance with regulation 5 above as that regulation applies in the case of a winding up by the court.