Section 339

Liquidator’s account.—(1) The official liquidator shall,

(a) maintain proper and regular books of accounts including accounts of receipts and payments made by him in such form and manner as may be prescribed;

(b) at the end of one hundred and eighty days from the date of winding up order, prepare a report consisting of account of his receipts and payments and dealings as liquidator, together with such further information as may be prescribed, which shall be subjected to a limited scope review by the company’s auditor;

(c) present to the Court and file with the registrar a certified copy of such accounts within thirty days from the close of half year. Such copies shall be open to the inspection of any person on payment of prescribed fee;

(d) where the winding up is not concluded within one year from the date of winding up order, within sixty days after the close of each year, prepare a statement of financial position and the receipt and payment accounts, get it audited by the company’s auditor and lay before the contributories in the general meeting in the same manner as the annual accounts of a company are laid before the annual general meeting, in terms of section 223 of this Act.

(2) The account and information as aforesaid shall be in the prescribed form, shall be made in duplicate, and shall be verified by a declaration in the prescribed form.

(3) When the account and the books and papers have been audited, one copy thereof along with the auditor’s report shall be filed and kept by the Court, and the other copy along with the auditor’s report shall be delivered to the registrar for filing; and each copy shall be open to the inspection of any person on payment of prescribed fee.

(4) The official liquidator shall cause a copy of the account to be sent by post to every creditor and contributory:

(a) within thirty days in case of half yearly accounts, referred in clause (b) of sub-section (1); and

(b) at least fifty days before the date of general meeting in case of clause (d) of sub-section (1).

(5) The concerned Minister-in-Charge of the Federal Government may, by notification in the official Gazette require that the accounts and information referred to in sub-section (1) shall be furnished to an officer to be designated by it for the purpose and that such officer shall cause the accounts to be audited; and, upon the publication of such notification, reference to “Court” in the preceding provisions of this section shall be construed as a reference to such officer.