281. Submission of report by Company Liquidator
(1) Where the Tribunal has made a winding up order or appointed a Company
Liquidator, such liquidator shall, within sixty days from the order, submit to the Tribunal, a
report containing the following particulars, namely:—
(a) the nature and details of the assets of the company including their location
and value, stating separately the cash balance in hand and in the bank, if any, and the
negotiable securities, if any, held by the company:
Provided that the valuation of the assets shall be obtained from registered valuers
for this purpose;
(b) amount of capital issued, subscribed and paid-up;
(c) the existing and contingent liabilities of the company including names,
addresses and occupations of its creditors, stating separately the amount of secured
and unsecured debts, and in the case of secured debts, particulars of the securities
given, whether by the company or an officer thereof, their value and the dates on
which they were given;
(d) 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;
(e) guarantees, if any, extended by the company;
(f) list of contributories and dues, if any, payable by them and details of any
unpaid call;
(g) details of trade marks 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; and
(k) any other information which the Tribunal may direct or the Company
Liquidator may consider necessary to include.
(2) The Company Liquidator shall 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 officer of the company in relation to the
company since the formation thereof and any other matters which, in his opinion, it is
desirable to bring to the notice of the Tribunal.
(3) The Company 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 Company Liquidator may also, if he thinks fit, make any further report or
reports.
(5) Any person describing himself in writing to be a creditor or a contributory of the
company shall be entitled by himself or by his agent at all reasonable times to inspect the
report submitted in accordance with this section and take copies thereof or extracts therefrom
on payment of the prescribed fees.