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; a) Collect; b) Realize as advantageously as reasonably possible; and c) Distribute The assets or the proceeds of the assets of the company. The liquidator, • 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.