Registrar-General warns against auction of Plant Pool assets

Accra, Aug. 22, GNA - The Registrar-General, official liquidator of Plant Pool Limited, on Tuesday warned against the public auction of the assets of Plant Pool Limited saying those who took part in it did so at their own risk.

A statement signed by J. K. Harley, Official Liquidator, said the attention of the Registrar General had been drawn to an advertisement in the media informing the general public of a proposed sale by public auction of the assets of the Company on Thursday, August 24. It said the Company had been placed into liquidation on March 26, 2006 and the provisions of the Bodies Corporate (Official Liquidation) Act stated; "save as may otherwise be directed by the Liquidator, the property of a Company shall, during winding up proceedings, remain vested in the Company".

The Act also states: "Any property in the possession of the Company at any time within six months before the commencement of a winding up shall be presumed to be vested in the Company unless the contrary is shown. "On the commencement of the winding up all property in the possession of the sheriff at the time of the making of the winding up order, being property of which possession was taken under an execution issued by a creditor of the Company or the proceeds of such property shall, after deduction of the sheriff's and bailiff's charges in the execution, be transferred to the Liquidator." The Liquidator said steps had been taken to enforce the law and all those who would take part in the proposed auction would be doing so at their own risk. 22 Aug. 06