Cap. 6:07
INSOLVENCY
No. 7/2018
Liquidation account
3.
3 .I
A liquidation account must contain a record of all receipts derived from the
realisation of assets and disbursements made or to be made in defraying the
costs of liquidation, except receipts and disbursements reflected in a trading
account.
3.2
The record of receipts and disbursements must reflect full particulars
explaining their nature and state the amount thereof in a money column.
3.3
The gross proceeds of assets must be reflected and the disbursements
incidental to the realisation must be entered as disbursements.
3.4
Receipts and disbursements must upon the request of the Master be supported
by satisfactory vouchers numbered consecutively in the top right-hand corner
by reference to the number appearing in the account opposite the relative
item.
3.5
The account must reflect separately the distribution to be made (if any) to
secured claims, preferent claims and concurrent claims and the contribution
to be levied (if any).
3.6
If security has been realised, the liquidation account must contain a
free residue account dealing with receipts not subject to security and
consecutively numbered encumbered asset accounts dealing with receipts
subject to security.
3.7 If disbursements or income are apportioned amongst the free residue and
encumbered asset accounts the liquidation account must indicate how the
apportionment has been calculated.
3.8
4.
An encumbered asset account must be drawn to indicate the proceeds of the
realisation of security, the disbursements payable out of the proceeds of the
security and the amount payable to a creditor or creditors with the period
for and rate at\\ hich interest before and after liquidation (if any) has been
calculated.
Trading account
When the liquidator carried on business by either purchasing stock or entering into
new transactions for the purpose of trading, a separate trading account including the
following items only, must be submitted:
(a)
5.
the \·alue of the stock on hand at the date of liquidation shown on the credit
side;
(b)
the receipts and disbursement on the trading account;
(c)
the value of stock on hand at the date on which the accounts were made up
shmm on the debit side with a note of the items in the liquidation account
reflecting the proceeds of the stock that has been realised (if any).
Bank reconciliation
5.1
The liquidator must lodge complete statements up to the date on which the
accounts were made up of all accounts opened in terms of section 88.
5.2
The account must contain a bank reconciliation statement with the following
information:
(a)
the balance in the cheque account and the date at which the bank
statement reflected that balance;
(b)
the amount of the contri hution provided for in the contribution account
(if any);
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