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.