THE COMPANIES ORDINANCE, 1972

Official Receiver

214. For the purposes of this Ordinance, the term "Official Receiver" means such person or persons as the Chief Justice shall from time to time appoint to be an Official Receiver for the purposes of this Ordinance.

215.—(1) Where the court has made a winding up order or appointed a provisional liquidator, there shall, unless the court thinks fit to order otherwise and so orders, be made out and submitted to the Official Receiver a statement as to the affairs of the compa-ny in the prescribed form, showing the particulars of its assets, debts, and liabilities, the names, residences, and occupations of its creditors, the securities held by them respectively, the dates when the securities were respectively given, the privileges to which they are respectively entitled, and such further or other information as may be prescribed or as the Official Receiver may require.

(2) The statement shall be submitted and verified by a declaration in the prescribed form signed by at least two persons who are at the relevant date directors of the company and by the person who is at that date the secretary of the company, or by such of the persons hereinafter in this subsection mentioned as the Official Receiver, subject to the direction of the court, may require to submit and verify the statement, that is to say, persons—

(a)   who are or have been directors or officers of the company ;

(b)   who have taken part in the formation of the company at any time within one year before the relevant date ;

(c)   who are in the employment of the company, or have been in the employment of the company within the said year, and are in the opinion of the Official Receiver capable of giving the information required ;

(d) who are or have been within the said year officers of or in the employment of a company, which is, or within the said year was, an officer of the company to which the statement relates.

(3)  The statement shall be submitted within fourteen days from the relevant date, or within such extended time as the Official Receiver or the court may for special reasons appoint.

(4)  Any person making or concurring in making the statement and declaration required by this section shall be allowed, and shall be paid by the Official Receiver or provisional liquidator (as the case may be) out of the assets of the company, such costs and expenses incurred in and about the preparation and making of the statement and declaration as the Official Receiver may consider reasonable, subject to an appeal to the court.

(5)  If any person, without reasonable excuse, makes default in complying with the requirements of this section, he shall be liable to a fine of one thousand rupees and a further fine of one hundred rupees for every day during which the default continues.

(6)  If any person verifies the whole or part of the statement submitted in pursuance of this section knowing that any fact or matter contained therein or in the part thereof which he verifies is false, misleading or incomplete, or if any person verifies the whole or part of such a statement recklessly without reasonable grounds for believing that the facts or matters contained therein or in the part thereof which he verifies are true, or if any person verifies the whole or part of such a statement knowing that any material particular which should be contained there-

in or in the part thereof which he verifies has been omitted, he shall be guilty of an offence punishable by a fine not exceeding ten thousand rupees or by imprisonment for not more than two years, or by both such fine and such imprisonment.

(7)  Any person stating himself in writing to be a creditor, shareholder, contributory or debenture holder of the company shall be entitled by himself or by his agent at all reasonable times, on payment of the prescribed fee, to inspect the statement submitted in pursuance of this section and to make a copy thereof or extract therefrom.

(8)  Any person untruthfully so stating himself to be a creditor, shareholder, contributory or debenture holder shall be guilty of a contempt of court and shall, on the application of the liquidator or of the Official Receiver, be punishable accordingly.

(9)  In this section the expression "the relevant date" means in a case where a provisional liquidator is appointed, the date of his appointment, and, in a case where no such appointment is made, the date of the winding up order.

216-—(1) In a case where a winding up order is made, the Official Receiver shall, as soon as practicable after receipt of the statement to be submitted under the last foregoing section, or, in a case where the court orders that no statement shall be submitted, as soon as practicable after the date of the order, submit a preliminary report to the court : —

(a)   as to the amount of capital issued, subscribed, and paid up of the company, and the estimated amount of its assets and liabilities ; and

(b)   if the company has failed, as to the causes of the failure; and

(c)   whether in his opinion further inquiry is desirable as to any matter relating to the promotion, formation, or failure of the company, or the conduct of the business thereof.

(2) The Official Receiver may also, if he thinks fit, make a further report, or further reports, stating the manner in which the company was formed, and whether in his opinion any fraud or breach of duty has been committed by any person in its promotion or formation, or by any director or other officer of the company or by any other person in relation to the company since the formation thereof, and any other matters which in his opinion it is desirable to bring to the notice of the court.