COMPANIES ACT, 1929

HfL

(5) The Board shall cause the account when audited or a
summary thereof to be printed, and shall send a printed copy of the
account or summary by post to every creditor and contributorv.

196.—(1) The Board of Trade shall take cognizance of the conduct
of liquidators of companies which are being wound up by the court
in England, and, if a liquidator does not faithfully perform his duties
and duly observe all the requirements imposed on him by statute,
rules, or otherwise with respect to the performance of his duties, or
if any complaint is made to the Board by any creditor or contri-
butory in regard thereto, the Board shall inquire into the matter, and
take such action thereon as they may think expedient.

Control of Board
of Trade over
liquidators in
England.

(2) The Board may at any time require any liquidator of a
company which is being wound up by the court in England to
answer any inquiry in relation to any winding up in which he is
engaged, and may, if the Board think fit, apply to the court to
examine him or any other person on oath concerning the winding up.

(3) The Board may also direct a local investigation to be made
of the books and vouchers of the liquidator.

197.—(1) When the liquidator of a company which is being
wound up by the court in England has realised all the property of the
company, or so much thereof as can, in his opinion, be realised
without needlessly protracting the liquidation, and has distributed a
final dividend, if any, to the creditors, and adjusted the rights of the
contributories among themselves, and made a final return, if any, to
the contributories, or has resigned, or has been removed 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 con-
tributory, 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.

Release of
liquidators in
England.

(2) Where the release of a liquidator is withheld, the court
may, on the application of any creditor or contributory, or person
interested, make such order as it thinks just, charging the liquidator
with the consequences of any act or default which he may have done
or made contrary to his duty.
(3) An order of the Board of Trade releasing the liquidator
shall discharge him 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
any such order may be revoked on proof that it was obtained by
fraud or by suppression or concealment of any material fact.

(4) Where the liquidator has not previously resigned or been
removed, his release shall operate as a removal of him from his office.