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of <h1>Liquidators Must File Audited Statements Annually If Winding Up Exceeds One Year; Penalties for Non-Compliance Under Section 348.</h1> If a company's winding up is not completed within a year, the liquidator must file an audited statement about the liquidation proceedings annually or at shorter prescribed intervals. This statement should be filed with the Tribunal in case of tribunal-led winding up, or with the Registrar for voluntary winding up. For government companies, copies must be sent to relevant government members. Creditors or contributors can inspect and obtain copies of the statement for a fee. False claims of being a creditor or contributor are punishable offenses. Non-compliance by the liquidator results in fines or imprisonment.
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