92
Uncategorized Sections

 

92.   Manner of framing liquidation account.(1)  A liquidation account shall contain an accurate record of all moneys received and of all moneys disbursed by the trustee otherwise than in the course of a business which he carried on for the insolvent estate in question.

(2)  The record of each such receipt and disbursement shall set forth the amount and date thereof and sufficient particulars to explain its nature.

(3)  The liquidation account shall be accompanied by the trustee’s bank pass book and by vouchers in support of the record of receipts and disbursements.

(4)  If a liquidation account is not the final liquidation account, the trustee shall further set forth therein—

(a)

all property still unrealized;

(b)

all outstanding debts due to the estate;

(c)

the reasons why that property has not been realized or those debts have not been collected.

In that event the trustee shall, from time to time and as the Master may direct, but at least once in every six months, unless he has received an extension of time as provided in section one hundred and nine, frame and submit to the Master periodical accounts in form and in all other respects similar to the account mentioned in subsections (1) and (2).

(5)  If the estate of a partnership is under sequestration, separate trustees’ accounts shall be framed in the estate of the partnership and in the estate of each member of that partnership whose estate is under sequestration.