The statement of affairs shall be submitted and verified by one or more of the persons who are the directors at the relevant date and by the person who is at that date the secretary of the company. The official receiver retains the right to apply to court and seek an order requesting other persons connected with the company to submit and verify the statement. The statement shall be submitted within 14 days from the relevant date, or within such extended time
as the official receiver or the court may for special reasons appoint (Art. 224).
As soon as practicable after receipt of the statement, or in a case where the court orders that no statement shall be submitted, the official receiver shall submit a preliminary report to the court outlining:
(i) the amount of capital issued, subscribed and paid up, and the estimated amount of assets and liabilities;
(ii) if the company has failed, the cause of the failure; and
(iii) whether, in his opinion, further inquiry is desirable as to any matter relating to the promotion, formation or failure of the company or the conduct of the business thereof (Art.225).
According to the Act, the court may appoint a liquidation or liquidators for the purpose of conducting the proceeding in winding up a company. A provisional liquidator may be appointed at any time after the presentation of a winding up petition by the court, which will have the power to limit and restrict his powers by the order appointing him (Art.
226, 227). The official receiver, by virtue of his office, is appointed as provisional liquidator and shall continue
to act as such until he or another person becomes liquidator and is capable of acting as such. The official receiver summons separate meetings of the creditors and contributors of the company for the purpose of determining whether or not an application is to be made to the court for appointing a liquidator in the place of the official receiver.
Where a person other than the official receiver is appointed liquidator, that person shall not be capable of acting as liquidator until he has notified his appointment to the registrar of companies and given security in the prescribed manner to the satisfaction of the court. The liquidator shall give the official receiver such information and such access to and facilities for inspecting the books and documents of the company and generally such aid as may be
requisite for enabling that officer to perform his duties under this law (Art. 229).
The powers of the liquidator in a winding up by the court are described in Art. 233 of the Act With the sanction either of the court or of the committee of inspection to:
(i) bring or defend any action or other legal proceeding in the name and on behalf of the company;
(ii) carry on the business of the company so far as may be necessary for the beneficial winding up thereof;
(iii) appoint an advocate to assist him in the performance of his duties;
(iv) pay any claims of creditors in full;