Cap. 386 Art. 412Expenses of investigating a company’s affairs.

(1) The expenses of and incidental to an investigation by inspectors appointed by the Registrar shall be defrayed by him;

provided that the persons mentioned in sub-articles (2) to (5) shall be, to the extent there specified, liable to make repayment to the Registrar.

(2) A person who is convicted on a prosecution instituted as a result of the investigation, or is ordered to pay the whole or any part of the costs of proceedings brought under article 411 may in the same proceedings be ordered to pay those expenses to such extent as may be specified in the order.

(3) A body corporate in whose name proceedings are brought under article 411 shall be liable to the amount or value of any sums or assets recovered by it as a result of those proceedings; and any amount for which a body corporate is liable under this sub-article shall be paid, in priority to all other claims, from the sums or assets recovered.

(4) A body corporate dealt with by the inspectors’ report shall be liable for the expenses of and incidental to the investigation unless that body corporate was the applicant for the investigation, and unless the Registrar otherwise directs.

(5) The applicant or applicants for the investigation, where the inspectors were appointed under article 404, shall be liable to such extent, if any, as the Registrar may direct.

(6) The report of the inspectors may include a recommendation as to the directions which they think appropriate, in the light of their investigation, to be given under sub-article (4) or sub-article (5).

(7) For the purposes of this article, any costs or expenses incurred by the Registrar in or in connection with proceedings brought under article 411 are to be treated as expenses of the investigation giving rise to the proceedings.

(8) Any liability to repay the Registrar arising from sub-articles (2) and (3) shall, subject to satisfaction of the right of the Registrar to repayment, be a liability also to indemnify all persons against liability under sub-articles (4) and (5); and any such liability imposed by sub-article (2) shall, subject as mentioned above, be a liability also to indemnify all persons against liability under sub-article (3).

(9) A person liable under any one of the sub-articles referred to in sub-article (8) is entitled to contribution from any other person liable by virtue of the same sub-article, according to the amount of their respective liabilities by virtue of that sub-article.

(10) Expenses to be defrayed by the Registrar under this article shall, insofar as not recovered by virtue of its provisions, be paid out of public funds.