S.L. 234.42 ст. 116Release of liquidator from his appointment.

(1) When the liquidator of a company which is being wound up by the court has realised all the property of the company, or so much thereof as can, in his opinion, be realised without needlessly protracting the liquidation, and has distributed a final dividend, if any, to the creditors, or has resigned, or has been removed from office, the Registrar shall, on the liquidator’s application to be released, cause a report to be prepared on the liquidator’s accounts at the company’s expense. On being satisfied that the liquidator has complied with all the requirements laid down by the Registrar and, after taking into consideration the report and any objection which may be raised by any creditor or person interested against the release of the liquidator, the Registrar shall either grant or withhold the release accordingly, subject nevertheless to an appeal to the court made by the liquidator.

(2) Where the release of a liquidator is withheld, the court may, on the application of any creditor or person interested, make such order as it thinks fit, holding the liquidator responsible for the consequences of any act or default which he may have made contrary to his duty.

(3) An order of the Registrar releasing the liquidator shall discharge him from all liability in respect of anything which he did or which he failed to do in the administration of the affairs of the company or otherwise in relation to his conduct as liquidator, but the court may, on the application of any creditor or person interested, revoke such order on proof that it was obtained by fraud or by suppression or concealment of any material fact.

(4) Where a liquidator has not previously resigned or been removed, the release shall operate as a termination of his appointment.

(5) The Registrar shall, upon granting or withholding the release referred to in this regulation, register it accordingly.

Chapter III - General powers of the court in a winding up by the court