What the liquidator does
The fundamental duties of a liquidator under Section 99 of the Insolvency Act are to take in a reasonable and expeditious manner, all steps necessary to;
b) Realize as advantageously as reasonably possible; and
The assets or the proceeds of the assets of the company.
• Gives notice of his appointment in the gazette and newspaper of wide circulation in Uganda. Form 12 Insolvency Regulations
• Files a statement of affairs of the company. Form 20 Insolvency Regulations.
• Files reports in relation to the liquidation process and gives public notice of availability of the reports in a newspaper of wide circulation and delivers copies to the Official Receiver. See reports.
• Sells and distributes the assets or the proceeds of the assets of the company to the creditors.
• Registers his or her interest in all land and other assets belonging to the company.
• Keeps company money separate from other money held by or under the control of the liquidator.
• Keeps full accounts and other records of all transactions relating to the liquidation.
• Retains the accounts and records of the liquidation and of the company for not less than six years after the liquidation ends.
• Permits those accounts and records and the accounts and records of the company, to be inspected.
• Holds meetings with the members of the company.
• Settles legal disputes or outstanding contracts.
• Gets the company struck off from the register.