No. 7/2018 INSOLVENCY Cap. 6:07 (5) The Master may, after direct notice to the liquidator, direct, by notice, the manager of any office, branch office or agency at which an account referred to in subsection (1) has been opened by standard notice, to pay over into the Guardian's Fund all moneys standing to the credit of that account at the time of the receipt by the said manager of that direction, and all mone:ys which may thereafter be paid into that account, and the said manager must carry out that direction. 95 Recording of receipts by liquidator ( l) The liquidator of an insolvent estate must immediately after his or her appointment open a record in which all moneys, goods, accounts and other documents received by him or her on behalf of the estate are recorded. (2) The Master may at any time direct the I iquidator in writing to produce the said record for inspection and every creditor who has proved a claim against the estate and, if the Master so orders, every person claiming to be a creditor or surety for the liquidator, may inspect the said record at all reasonable times. 96 Unlawful retention of moneys or use of property by liquidator (1) A liquidator who without lawful cause retains any money exceeding $10 belonging to the insolvent estate of which he or she is liquidator, or knowingly permits his or her co-liquidator to retain such a sum of money longer than the earliest day after its receipt on which it was possible for him or her or his or her co-liquidator to pa) that money into a bank, or who uses or knowingly permits his or her co-liquidator to use any property of the insolvent estate, except for the benefit of the estate, may be ordered, in addition to any other penalty to which he or she may be liable, to pay into the estate an amount equal to double the amount so retained or double the value of the property so used, as the case may be. (2) The amount which a liquidator is liable to pay in terms of subsection (I) may be deducted from any remuneration to which he or she is entitled out of the insolvent estate, or may be recovered from him or her by action in a Court of law at the instance of his or her co-liquidator or the Master or any creditor who has proved a claim against the estate. PART XVIII EsTATE AccouNTS, DISTRIBUTION AND CoNTRIBUTION 97 Estate Accounts (I) Subject to subsections (5), (6) and (7), a liquidator must within six months from the date of his or her appointment as liquidator in terms of section 73( l) lodge(a) a liquidation account and a distribution account with the Master of the proceeds of the property in the insolvent estate available for payment to creditors: or (b) if any surplus is required for the payment of claims, costs and charges or interest, a distribution account of such surplus; or if all realisable property in the insolvent estate has been realised and brought into account and the proceeds are insufficient to cover the costs and charges referred to in section 88, a contribution account apportioning the liability for the deficiency among creditors who are liable to contribute. (c) (2) The accounts referred to in subsection (I) must be substantially in the form set out in Form D of the First Schedule: Provided that the Master may insist on strict compliance with any item of the said Form. 268