Disclosure duty during prolonged liquidations: liquidator must file periodic audited statements and permit creditor inspection. When winding up continues beyond one year the Company Liquidator must file, in prescribed form and duly audited by a person qualified to act as the company's auditor, periodic statements of the liquidation's proceedings and position; such statements filed with the Tribunal must be simultaneously filed with the Registrar. Government company statements are to be forwarded to the Central and/or State Governments that are members. Creditors and contributories may inspect and copy the statements on payment of the prescribed fee, while fraudulent claimants face penal consequences; default by an insolvency professional liquidator is treated as a contravention under the Insolvency and Bankruptcy Code.