(4) If a company defaults in complying with the requirements of this section the company and every officer of the company who is in default shall be guilty of an offence and liable to a default fine not exceeding level two. [Subsection amended by Act 22 of 2001] (5) For the purposes of subsection (4), the liquidator of a company shall be deemed to be an officer of the company. [Section as substituted by Act 22 of 1998] 244 Investigation into winding up of company (1) In this section— “investigator” means a person appointed to conduct an investigation in terms of subsection (2). (2) If the Minister has reason to believe that — (a ) a resolution for the voluntary winding up of a company has been passed primarily for the purpose of avoiding any provision of the Labour Relations Act [ Chapter 28:01] regarding the termination of employees’ contracts of service or the payment of benefits to employees on the termination of their service; or (b ) the voluntary winding up of a company will deprive any of the company’s employees unfairly of the benefits they would otherwise receive on the termination of their employment with the company; the Minister may, within four weeks after the passing of the resolution for the company’s voluntary winding up, appoint a person to — (i) conduct an investigation into the affairs of the company; and (ii) report to him in regard to the matters referred to in paragraphs (a) and (b); and (iii) mediate in any dispute between the company and any of its employees regarding the termination of their employment; and (iv) examine the possibility of a take over of the company by the company’s employees and the possible financial arrangements to facilitate the take over. (3) Section one hundred and sixty shall apply, mutatis mutandis, in relation to an investigation carried out by an investigator in terms of this section. (4) An investigator shall report to the Minister his findings and, where appropriate, the result of his mediation in any dispute, within six weeks after his appointment. (5) If, on receipt of an investigator’s report, the Minister considers that — (a ) the resolution for the voluntary winding up of the company concerned was passed for a purpose referred to in paragraph (a) of subsection (2), he may, within two weeks after the report was submitted to him, refer it to the Registrar of Labour Relations referred to in section 121 of the Labour Relations Act [Chapter 28:01]; (b ) any settlement which the investigator has negotiated between the company concerned and its employees, including a take over by the employees, should be made binding, he may, within two weeks after the report was submitted to him, direct the company to take all necessary steps, subject to this Act, to ensure that the settlement i s implemented by the company’s liquidator; (c) any dispute between the company and its employees regarding the termination of their employment should be submitted to arbitration, he may, within two weeks after the report was submitted to him, refer the parties to the dispute to arbitration in terms of the Arbitration Act [Chapter 7:15]; and the company shall comply with any directions the Minister may give it in this regard. [Section substituted by Act 22 of 1998] 244A Commencement of voluntary winding up The voluntary winding up of a company shall be deemed to commence— (a ) four weeks after the resolution for the company’s voluntary winding up was passed, unless the Minister has appointed a person to investigate the company’s affairs in terms of section two hundred and fortyfour; (b ) where the Minister has appointed a person to investigate the company’s affairs in terms of section two hundred and forty -four— (i) eight weeks after the person’s appointment, unless the Minister has referred parties to arbitration in terms of paragraph (c) of subsection (5) of section two hundred and forty-four; or (ii) upon the final conclusion of the arbitration, where the Minister has referred parties to arbitration in terms of paragraph (c) of subsection (5) of section two hundred and forty-four. [Section inserted by Act 22 of 1998] 245 Effect of voluntary winding up on business and status of company When a company is wound up voluntarily the company shall, from the commencement of the winding up, cease to carry on its business, except in so far as may be required for the beneficial winding up thereof: Provided that the corporate state and corporate powers of the company shall, notwithstanding anything in its articles, continue until it is dissolved.