Valuation report access in liquidation must be shared with the consultation committee, subject to confidentiality safeguards.

Regulation 31-A of the Liquidation Process Regulations requires the Stakeholders' Consultation Committee to have access to records and information needed to advise the liquidator on sale, including reserve price and manner of sale. The valuation report is a critical input for informed consultation and for maximising value in liquidation, so withholding it would undermine the purpose of the provision. Confidentiality concerns may be addressed through an undertaking or non-disclosure arrangement. The valuation report must therefore be shared with the committee member who is an ex-director, subject to confidentiality safeguards.

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Issues: Whether the Liquidator is bound to supply the valuation report to a member of the Stakeholders' Consultation Committee who is an ex-director of the corporate debtor.

Analysis: Regulation 31-A(1) and Regulation 31-A(5) of the Liquidation Process Regulations require the Stakeholders' Consultation Committee to advise the Liquidator on matters relating to sale, including the manner of sale and reserve price, and confer access to all relevant records and information necessary for that advice. The valuation report is a critical document for assessing the reserve price and for meaningful participation in the consultation process. A construction that denies access to such report would defeat the object of the provision, which is to enable informed advice and maximise value in liquidation. The confidentiality concern can be protected by requiring an undertaking or non-disclosure arrangement from the recipient.

Conclusion: The valuation report must be shared with the applicant as a member of the Stakeholders' Consultation Committee, subject to confidentiality safeguards.

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