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CMA Final · Corporate and Economic Laws · Accounts and Audit

Under the provisions on audit of a Company Liquidator's accounts, how often must the Company Liquidator present an account of receipts and payments to the Tribunal during his tenure of office?

The Company Liquidator must present an account of receipts and payments to the Tribunal at the prescribed times, and not less than twice in each year during his tenure of office, in the prescribed form in duplicate with a verifying declaration.

  1. ANot less than twice in each yearCorrect
  2. BOnce at the end of the liquidation only
  3. CNot more than once in each year
  4. DEvery month without exception

Explanation

Section 294(2) requires the Company Liquidator to present to the Tribunal an account of receipts and payments at prescribed times, not less than twice in each year during his tenure. Once only or monthly are not what the section says, and 'not more than once' reverses the minimum requirement.

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