Section 294 - Audit of Company Liquidator's accounts

Section 294: Company Liquidator must keep audited accounts, share with creditors, contributories, Registrar and Governments

Section 294 mandates that a Company Liquidator maintain proper books of account for all receipts and payments in the prescribed form. The Liquidator must present verified accounts to the Tribunal at least twice yearly. The Tribunal arranges audit of these accounts and may demand vouchers, information, and inspection of books. After audit, one copy of the accounts is filed with the Tribunal and another with the Registrar for inspection by creditors, contributories, or interested persons. For Government companies, audited accounts must be sent to the relevant Government(s). The Liquidator must print and post audited accounts or a summary to all creditors and contributories, unless the Tribunal dispenses with this requirement.