Section 69: Separate account to be opened

1) The restructuring manager or liquidator appointed under this Act shall, while conducting insolvency proceedings under this Act, open and operate a separate bank account for every company to which he or she has been appointed.

2) All amounts received by him or her shall be paid into the bank account opened pursuant to sub-section (1).

3) Any amount balance in the bank account opened pursuant to sub-section (1) shall be invested only in the prescribed fields.

4) In addition to those mentioned in sub-section (1), the restructuring manager or liquidator shall maintain other accounts and books of accounts clearly reflecting the full and actual affairs of the insolvency proceedings of every company which has become insolvent and submit the statements of such accounts and books to the Court or the Office, as per necessity.

5) The restructuring manager or liquidator shall, on the performance of his or her duties, have the accounts and books of accounts, as well as the statements thereof, maintained by him or her pursuant to this Section audited in accordance with the laws and hand them over the same to the Office.