Set Date Time in Ubuntu

sudo date new_date_time_string

where new_date_time_string has to follow the format MMDDhhmmyyyy.ss which is described below:

MM is a two digit month, between 01 to 12
DD is a two digit day, between 01 and 31, with the regular rules for days according to month and year applying
hh is two digit hour, using the 24-hour period so it is between 00 and 23
mm is two digit minute, between 00 and 59
yyyy is the year; it can be two digit or four digit
ss is two digit seconds. Notice the period . before the ss.

So, in your particular case, you can use:

sudo date 010224311971.59