Audit.—At least twice a year, and at the prescribed times, the liquidator must send to the Board of Trade an account of his receipts and payments as such liquidator. This account must be in the prescribed form, in duplicate, and verified by a statutory declaration. These accounts are then audited by the Board of Trade, and for this purpose the liquidator must furnish the Board with all the information and voucher.; it may require. And the Board can require production and inspection of any books and accounts kept by the liquidator. When audited, one copy of the account is filed and kept by the Board, and the other copy tiled in Court, and each of these copies is open to the inspection of any creditor, or of any other interested person. The audited account, or a summary thereof, is printed by the Board of Trade and a copy posted to every creditor and contributory. A liquidator is bound to keep his books according to the prescribed form, and therein he must make proper entries or minutes of proceedings at meetings, and of any other prescribed matters, and any creditor or contributory may personally or by his agent inspect them, subject to the control of the Court.
Release of liquidator.—Section 157 (1) of the Act of 1908 runs as follows :—" When the liquidator of a company which is being wound up by order of the Court has realised all the property of the company, or so much thereof as can, in his opinion, be realised is ithout needlessly protracting the liquidation, and distributed a final dividend, if any, to the creditors, and adjusted the rights of the contributories between themselves, and made a final return, if any, to the contributories, or has resigned, or has been re moved from his office, the Board of Trade shall, on his application, cause a report on his accounts to be prepared, and on his complying with all the requirements of the Board, shall take into consideration the report, and any objection which may be urged by any creditor, or contributory, or person interested against the release of the liquidator, and shall either grant or withhold the release accordingly, subject nevertheless to an appeal to the High Court." Where the release is withheld the Court, on the application
of a creditor or contributory or interested person, may, if it thinks just, charge the liquidator with the consequences of any act or default he may have done or made contrary to his duty. An order of release by the Board of Trade discharges a liquidator from all liability in respect of any act done or default made by him in the administration of the affairs of the company, or otherwise in relation to his conduct as liquidator. But such an order can be revoked on proof that it was obtained by fraud, or by suppression or conceal ment of any material fact. Where the liquidator has not previously resigned or been removed, his release operates as a removal of him from his office.
Dissolution of the compang.—When the affiiirs of a company have been completely wound up, the Court will make an order that the company be dissolved from the date of the order; the company will be dissolved accord ingly. A minute of this order is then to be made in the books of the registrar. The liquidator should therefore report the order to that official; should he fail to do so he will incur a heavy penalty.