• The liquidator must keep proper records and books of account for all transactions in respect of the winding up. Should the liquidator carry on the business of the company, they should keep a distinct account of the trading.
• Should winding up proceed beyond 12 months, the liquidator should shortly thereafter, and no later than 3 months following unless the Registrar extends this period, summon a general meeting of the company and lay before the meeting an account of the liquidator’s acts and dealings and of any trading the business may have conducted while winding up was pending.
• Within 28 days after the said general meeting, the liquidator shall send a copy of the accounts to the company Registrar for registration.
• As soon as the affairs of the company are fully wound up, the liquidator shall prepare and send to every member of the company the final audited accounts of the winding up showing how the winding up was conducted, the results of trading, and how the property of the company was disposed of.
• After dispatching these final audited accounts, the liquidator shall convene a general meeting of the company to lay before the meeting their accounts and offer any explanations.
• Within 28 days of that general meeting, the liquidator shall send to the Registrar copies of the accounts and a statement of the holding of the meeting and the meeting date for registration.
• The liquidator must settle the accounts of the company.
• The liquidator will invite the creditors and debtors to present their statements to him.
• The liquidator will rank the debts and pay creditors.
• The liquidator will serve notice to creditors and debtors.
• The liquidator stands in fiduciary relations with the liquidated company.
• Realise the assets of the company.
• The liquidator is required to preserve the books and papers of the company and of the liquidator for 5 years from the company’s dissolution.

(Any 3 points for 10 marks)