Section 321

Report by official liquidator.—(1) Where the Court has made a winding up order and appointed an official liquidator, such liquidator shall, as soon as practicable after receipt of the statement to be submitted under section 320 and not later than sixty days, from the date of the winding up order submit a report to the Court, containing the following particulars, namely.—

(a) the nature and details of the assets of the company including their location and current value duly ascertained by a registered valuer;

(b) the cash balance in hand and in the bank, if any, and the negotiable securities, if any, held by the company;

(c) the amount of authorised and paid-up capital;

(d) the existing and contingent liabilities of the company indicating particulars of the creditors, stating separately the amount of secured and unsecured debts, and in the case of secured debts, particulars of the securities given;

(e) the debts due to the company and the names, addresses and occupations of the persons from whom they are due and the amount likely to be realised on account thereof;

(f) debts due from contributories;

(g) details of trademarks and intellectual properties, if any, owned by the company;

(h) details of subsisting contracts, joint ventures and collaborations, if any;

(i) details of holding and subsidiary companies, if any;

(j) details of legal cases filed by or against the company;

(k) any other information which the Court may direct or the official liquidator may consider necessary to include.

(2) The official liquidator shall also include in his report the manner in which the company was promoted or formed and whether in his opinion any fraud has been committed by any person in its promotion or formation, or by any director or other officer of the company in relation to the company since its formation.

(3) The official liquidator shall also make a report on the viability of the business of the company or the steps which, in his opinion, are necessary for maximising the value of the assets of the company.

(4) The official liquidator may also, if he thinks fit or upon directions of the Court, make any further report or reports. (5) A certified copy of the reports aforesaid shall also be sent to the registrar simultaneously with their submission to the Court.