Section 321 — Report by official liquidator

(1) Where the Court has made a
winding up order and appointed an official liquidator, such liquidator shall, as soon
as practicable after receipt of the statement to be submitted under section 320 and
not later than sixty days, from the date of the winding up order submit a report to
the Court, containing the following particulars, namely.—

(a) the nature and details of the assets of the company including their
location and current value duly ascertained by a registered valuer;

(b) the cash balance in hand and in the bank, if any, and the negotiable
securities, if any, held by the company;

(c) the amount of authorised and paid up capital;

(d) the existing and contingent liabilities of the company indicating
particulars of the creditors, stating separately the amount of secured
and unsecured debts, and in the case of secured debts, particulars of
the securities given;

(e) the debts due to the company and the names, addresses and
occupations of the persons from whom they are due and the amount
likely to be realised on account thereof;

(f) debts due from contributories;

(g) details of trademarks and intellectual properties, if any, owned by
the company;

(h) details of subsisting contracts, joint ventures and collaborations, if
any;

(i) details of holding and subsidiary companies, if any;

(j) details of legal cases filed by or against the company;

(k) any other information which the Court may direct or the official
liquidator may consider necessary to include.

(2) The official liquidator shall also include in his report the manner in
which the company was promoted or formed and whether in his opinion any fraud
has been committed by any person in its promotion or formation, or by any director
or other officer of the company in relation to the company since its formation.

(3) The official liquidator shall also make a report on the viability of the
business of the company or the steps whic h, in his opinion, are necessary for
maximising the value of the assets of the company.
(4) The official liquidator may also, if he thinks fit or upon directions
of the Court, make any further report or reports.
(5) A certified copy of the reports afore said shall also be sent to the
registrar simultaneously with their submission to the Court.