Commencement of distribution requires filing of stakeholder list and asset memorandum; liquidator must distribute proceeds within ninety days. Regulation 42 requires the liquidator to withhold distribution until the list of stakeholders and the asset memorandum are filed with the Adjudicating Authority, subject to section 53; upon receipt of proceeds the liquidator must distribute them within ninety days after deducting insolvency resolution process costs and liquidation costs.