Regulations 37. Completion of liquidation. —

(1) The liquidator shall endeavor to complete the liquidation process of the corporate person within twelve months from the liquidation commencement date.

(2) In the event of the liquidation process continuing for more than twelve months, the liquidator shall-

• (a) hold a meeting of the contributories of the corporate person within fifteen days from the end of the twelve months from the liquidation commencement date, and at the end every succeeding twelve months till dissolution of the corporate person; and
• (b) shall present an Annual Status Report(s)indicating progress in liquidation, including-
  • (i) settlement of list of stakeholders,
  • (ii) details of any assets that remains to be sold and realized,
• (iii) distribution made to the stakeholders, and
• (iv) distribution of unsold assets made to the stakeholders;
• (v) developments in any material litigation, by or against the corporate person; and
• (vi) filing of, and developments in applications for avoidance of transactions in accordance with Chapter III of Part II of the Code.

(3) The Annual Status Report shall enclose the audited accounts of the liquidation showing the receipts and paymentspertaining to liquidation since the liquidation commencement date.