Section 42: Report to be submitted by liquidator

1) The liquidator shall prepare a progress report on the proceedings carried out in relation to the company and submit it to the Court and the Office no later than three months after the date of his or her appointment.

2) The report submitted pursuant to Sub-section (1) shall state the following matters, in addition to other matters,

(a) The amount of issued capital of the company, capital that the shareholders have undertaken to subscribe and paid-up capital,

(b) Estimated value of the assets and liabilities of the company,

(c) Opinion of the liquidator in relation to the reason for financial failure of the company

(d) Opinion of the liquidator on the need to further examine or inquire into the promotion, incorporation of the company or the affairs of the company and its directors and shareholders,

(e) Such other necessary matters as the liquidator considers appropriate.