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The Registers and Books of Accounts to Be Maintained By a Liquidator

The Registers and Books of Accounts to Be Maintained By a Liquidator

When a liquidator is conducting a liquidation process, he requires a plethora of transactional information associated with the corporate debtor (the one who is facing liquidation). To that end, he has to collect and maintain registers quite a few books of accounts.

Through the course of this article, we are going to intimate you with these documents so that the picture of the liquidation process get clearer to you.

The list of registers and Books

The mention that the liquidator has to maintain the following books and registers is given in Regulation 6 in the IBBI. The information has to be maintained in various forms that are indicated in the schedule B of the IBBI Regulations:

  1. If the account books of the corporate debtor are not complete on the date of liquidation commencement, it is up to the liquidator to complete those books.
  2. The liquidator shall maintain the following records and books only if they are applicable with the relation to the liquidation of the company:
    1. Ledger
    2. Cashbook
    3. Fixed assets and inventories Register
    4. Register for securities and incomes
    5. Register of outstanding debts and book debts
    6. Suits Register
    7. Tenants Ledger
    8. Decree Register
    9. Claims and Dividends Register
    10. Distributions Register
    11. Contributories Register
    12. Fee Register
    13. Suspense Register
    14. Documents Register
    15. Books Register
    16. Bank Ledger
    17. Register for unclaimed dividends and undistributed properties
    18. Other Register or books that might be useful through the course of the liquidation process.
  3. In order to maintain the registers that are specified under sub-regulation (2), the liquidator may refer to the forms that are indicated in Schedule III. The liquidator is allowed to make some modifications to these forms if only he deems it necessary for the liquidation process.
  4. The liquidator also has to keep the receipts of all the payments made and expenses incurred during the liquidation process.

These are all the details that a liquidator has to maintain. For more information about Insolvency and Bankruptcy Code or the process of liquidation itself, you can browse through the knowledge base of Registrationwala.

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