Division 6 — Keeping and audit of
liquidator’s books and accounts
Record Book
40.—(1)  The liquidator must keep a book (whether in physical or electronic form) to be called the Record Book, in which the liquidator must record —
(a)all minutes of proceedings at any meeting of the creditors or contributories, or of the committee of inspection, if any;
(b)any resolution passed at any meeting mentioned in sub‑paragraph (a); and
(c)any matter that may be necessary to give a correct view of the liquidator’s administration of the company’s affairs.
(2)  Despite paragraph (1), the liquidator is not required —
(a)to record in the Record Book any document of a confidential nature, including a legal opinion relating to any matter affecting the interest of the creditors or contributories; or
(b)to exhibit any document mentioned in sub‑paragraph (a) to any person other than a member of the committee of inspection (if any) or the Official Receiver.
(3)  This regulation applies to a provisional liquidator who is appointed by the Court under section 138 of the Act.
Cash Book
41.—(1)  The liquidator must keep a book (whether in physical or electronic form) to be called the Cash Book, in which the liquidator must enter from day to day the receipts and payments made by the liquidator.
(2)  The liquidator, other than the Official Receiver, must submit the Record Book and Cash Book, together with any other books, documents, papers and accounts, to the committee of inspection (if any) when required, and in any case at least once every 6 months.
(3)  Paragraph (1) applies to a provisional liquidator who is appointed by the Court under section 138 of the Act.
Audit of Cash Book
42.—(1)  The committee of inspection (if any) must audit the liquidator’s Cash Book at least once every 6 months, and must certify in Form CWU‑9 the date on which the Cash Book was audited.
(2)  The liquidator must, if requested by the Official Receiver, lodge with the Official Receiver a copy of the Cash Book, together with the requisite vouchers and copies of the certificates of audit by the committee of inspection (if any) within one month after the expiration of each of the following periods:
(a)a period of 12 months after the date of the winding up order;
(b)every subsequent period of 12 months.
Liquidator’s account and statement under section 192 of Act
43.—(1)  For the purposes of section 192(1) of the Act, the account of the liquidator’s receipts and payments and statement of the position in the winding up must be in accordance with Form CWU‑10.
(2)  For the purposes of section 192(2) of the Act, the notice of the lodgment of the account and statement mentioned in paragraph (1) must be in accordance with Form CWU‑11.
(3)  To avoid doubt, the forms mentioned in this regulation must be used even if a liquidator has not during any period for which an account has to be lodged with the Official Receiver, received or paid any money on account of the company.
Liquidator carrying on business
44.  Where the liquidator carries on the business of the company, the liquidator must —
(a)keep a distinct account of the trading (called in these Regulations the trading account); and
(b)incorporate in the Cash Book the total weekly amount of the receipts and payments on the trading account.
Liquidator’s trading account
45.—(1)  The liquidator must from time to time as required by the committee of inspection (if any) or the creditors —
(a)verify by statutory declaration the trading account; and
(b)submit the verified trading account in accordance with Form CWU‑12 —
(i)where a committee of inspection is appointed — to the committee of inspection or a member of the committee as may be appointed by the committee for that purpose; or
(ii)where no committee of inspection is appointed — to a person nominated by the creditors.
(2)  The committee of inspection or member of the committee mentioned in paragraph (1)(b)(i) or the person nominated under paragraph (1)(b)(ii) (as the case may be) must examine and certify the trading account submitted by the liquidator.
Expenses of sales
46.  Where the liquidator sells any property forming part of a company’s assets through an auctioneer or other agent, the gross proceeds of the sale must be paid over by the auctioneer or agent to the liquidator, and the charges and expenses connected with the sale must afterwards be paid to the auctioneer or agent.