In force2020 Revised Edition

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Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 8 · Winding Up

141. Statement of company’s affairs to be submitted to Official Receiver

(1)

There must be made out and verified in the prescribed form and manner and submitted to the Official Receiver or the liquidator, as the case requires, a statement as to the affairs of the company as at the date of the winding up order showing —

(a)

the particulars of the company’s assets, debts and liabilities;

(b)

the names and addresses of the company’s creditors;

(c)

the securities held by the company’s creditors respectively;

(d)

the dates when the securities mentioned in paragraph (c) were respectively given; and

(e)

such further information as is prescribed or as the Official Receiver or the liquidator requires.

(2)

The statement must be submitted by —

(a)

all of the following persons:

(i)

one or more of the persons who are, at the date of the winding up order, directors;

(ii)

the secretary of the company; or

(b)

such of the following persons as the Official Receiver or the liquidator, subject to the direction of the Court, requires:

(i)

any person who is or has been an officer of the company;

(ii)

any person who has taken part in the formation of the company at any time within one year before the date of the winding up order.

(3)

The statement must be submitted within 14 days after the date of the winding up order or within such extended time as the Official Receiver or the liquidator or the Court for special reasons specifies, and the Official Receiver or the liquidator must within 7 days after receiving the statement —

(a)

cause a copy of the statement to be filed with the Court and lodged with the Registrar of Companies; and

(b)

where the Official Receiver is not the liquidator, cause a copy of the statement to be lodged with the Official Receiver.

(4)

Any person making the statement required by this section or a statement of concurrence under section 142(1) may, subject to the regulations, be allowed, and be paid, out of the assets of the company, such costs and expenses incurred in and about the preparation and making of that statement as the Official Receiver or the liquidator considers reasonable, subject to an appeal to the Court.

(5)

Every person who, without reasonable excuse, defaults in complying with the requirements of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both and also to a default penalty.

(6)

Any person stating himself or herself, in writing, to be a creditor of the company may —

(a)

personally or by agent inspect the statement of affairs filed under this section at all reasonable times; and

(b)

upon payment of the prescribed fee, take any copy of the statement of affairs or extract from the statement of affairs.

(7)

Any person untruthfully stating himself or herself to be a creditor under subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 6 months or to both.