WINDING UP 
245 
a creditors’ voluntary winding up the liquidator shall keep 
such books as the committee of inspection or if there is no such 
committee as the creditors direct and that all books kept by 
the liquidator shall be submitted to the committee or the 
creditors with any other books, documents, papers and 
accounts in his possession, relating to his office as liquidator 
or to the company as and when the committee or the creditors 
direct. Moreover, under s. 284, if the winding up is not con- 
cluded within one year, the liquidator must send to the 
Registrar at the prescribed intervals a statement in the pre- 
scribed form containing the prescribed particulars with respect 
to the proceedings in and position of the liquidation as to 
intervals, forms and particulars [see Rule 194 of the Companies 
‘Winding up) Rules, 1929]. It is, therefore, perfectly obvious 
that a liquidator cannot comply with this section or adequately 
perform his other duties without keeping accounts. Further 
it may here be observed that when the winding up is complete 
and he summons the final meeting of the company, and, if 
the winding up is a creditors’ winding up, of the creditors, it 1s 
his duty to lay before the meeting or meetings an account 
‘showing how the winding up has been conducted, and the 
property of the company disposed of’ (ss. 236, 245). This 
he could not satisfactorily do without having kept thorough 
and systematic accounts throughout the liquidation. It is 
also desirable for the liquidator, in order that he may be 
able to give an account of his stewardship, to keep the Record 
Book which is prescribed by Rule 169 of 1929 in the case 
of compulsory winding up. In this he will enter notes of all 
his transactions in conducting the winding up. The book 
may conveniently take the form of a diary. 
In realising the assets the liquidator should act with all 
convenient speed, remembering that the longer the liquida- 
tion is protracted, the greater is the expense of the mere 
administration likely to be. However, in the case of a 
trading company with outstanding trade contracts, it will 
frequently be of advantage to the assets to carry out the con- 
tracts and receive the agreed payments for them. This will 
be carrying on the business so far as may be necessary for 
the beneficial winding up of the company. And in all cases 
where, for whatever reason, the liquidator considers it 
desirable to carry on the business of the company for any- 
thing more than a very short time, it is advisable for applica- 
tion to be made to the Court, under s. 252, for liberty to do so, 
or at all events for the sanction of the committee of inspection, 
if one has been appointed, to be obtained. The Court, in 
granting leave to carry on the business, usually imposes a 
Carrying ob 
Business.