Avoidance transactions: liquidator must specify how post liquidation proceedings and distribution of proceeds will be pursued and allocated. The liquidator, on the advice of the consultation committee, must provide in the application filed with the final report under regulation 45 how proceedings in respect of avoidance transactions under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code will be pursued after dissolution or closure of liquidation and how any proceeds from such proceedings shall be distributed.