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In case of a company that owns property, what happens to that property where such company has been deregistered?

In terms of section 337 of the Companies Act, property that immediately before the removal of a company from the register of companies, had not been distributed or disclaimed shall vest in the Consolidated Fund with effect from the removal of the company from the register. TheRegistrar is obligated by this section to notify the Minister of Finance and to give public notice of the vesting, together with names and particulars of the affected company, upon being made aware of such a property held under the company. Wherethe property is vested in the Consolidated Fund, any one entitled to claim and/or benefit from such property may apply to court for remedy to either claim back said property or for compensation from the Consolidated Fund.

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