Company Liquidator duties in voluntary winding up: contributory lists, accounts, meetings, debt payment, and penalties for noncompliance.

Section 314, now omitted by the Insolvency and Bankruptcy Code, 2016, formerly set out the Company Liquidator's duties in voluntary winding up: perform functions as directed by the company or creditors; settle the list of contributories as prima facie evidence of liability; call general meetings for requisite sanctions; maintain books of account subject to inspection; prepare and file quarterly audited statements with the Registrar within thirty days with penalties for delay; pay company debts and adjust contributories' rights; observe due care and diligence; and face prescribed fines for noncompliance.

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