Companies Act, 1973 (Act No. 61 of 1973)Chapter XIV: Winding-up of CompaniesDuties of Liquidators408. Confirmation of account |
When an account has lain open for inspection as prescribed in section 406 and—
| a) | no objection has been lodged; or |
| b) | an objection has been lodged and the account has been amended in accordance with the direction of the Master and has again lain open for inspection, if necessary, as in section 407(4)(b) prescribed, and no application has been made to the Court within the prescribed time to set aside the Master's decision; or |
| c) | an objection has been lodged but has been withdrawn or has not been sustained and the objector has not applied to the Court within the prescribed time, |
the Master shall confirm the account and his confirmation shall have the effect of a final judgment, save as against such persons as may be permitted by the Court to re-open the account after such confirmation but before the liquidator commences with the distribution.