The liquidation of OCS Operations Limited is currently in the hands of liquidators under the supervision of the High Court. The High Court was informed at the hearing on 6 July that the liquidators have identified a number of matters which they intend to investigate as part of the liquidation process. It is only when all the facts and events leading up to the winding up of the company are known, and any potential legal challenges are raised, that an informed decision can be made on whether legislative change should be made. The liquidators have important duties under Company Law. They include:
- An obligation to provide within 6 months of their appointment a report on the conduct of directors to the Director of Corporate Enforcement
- A requirement to make an application to the High Court for the restriction of directors unless the Director of Corporate Enforcement has relieved the liquidator of this requirement.