Insolvency Act · s 86

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s 86Progress report to company and creditors at year’s end

(1)

If the winding up of a company continues for more than one year, the liquidator shall —

(a)

for each prescribed period, produce a progress report relating to the prescribed matters; and

(b)

within such period commencing with the end of the period referred to in paragraph (a) as may be prescribed, send a copy of the progress report to —

Insolvency

(i)

the members and creditors of the company; and

(ii)

such other persons as may be prescribed.

(2)

A liquidator who fails to comply with this section is guilty of an offence and liable on conviction to a fine not exceeding $1,000, and, in the case of a continuing offence, with a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.