Section 694 CAMA 2020

Section 694 Companies and Allied Matters Act is about Companies liquidation account defined. It is under Chapter 24 (Provisions applicable to every mode of winding-up) of the Act.

(1) There shall continue to be an account called the Companies Liquidation Account, kept on behalf of the Commission by the Accountant-General of the Federation, into which shall be paid all money received by theCommission in respect of proceedings under this Act in connection with the winding-up of companies.

(2) All payments out of money standing to the credit of the Commission in the Companies Liquidation Account shall be made by the Accountant-General in the prescribed manner.