Preliminary report requirement ensures the liquidator discloses capital structure, asset liability estimates, inquiries and liquidation plan promptly.

The liquidator must submit a Preliminary Report to the corporate person within forty five days of the liquidation commencement date detailing the capital structure; estimates of assets and liabilities based on the company books, and, where books are unreliable, estimates from other reliable records; whether further inquiry into promotion, formation, failure or conduct is intended; and the proposed plan of action for liquidation including timeline and estimated liquidation costs.

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