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;
- 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.
REPORTS AND NOTICES BY THE LIQUIDATOR.
What the reports entail.
Liquidator’s preliminary report.
- the state of the company’s affairs,
- proposals for conducting the liquidation
- the estimated date of its completion
- the right of any creditor or shareholder to require the liquidator to call a creditors’ meeting
Liquidator’s interim reports
- The conduct of the liquidation during the preceding six months period.
- The liquidator’s further proposals for the completion of the liquidation.
Liquidator’s final report
- The liquidator shall prepare an account of the liquidation showing how the liquidation was conducted and how the property of the company was disposed of.
- Final accounts and statement.
The grounds on which a creditor or shareholder may object to the removal of the company from the register under the Companies Act.