Section 594

(1) Where the liquidator of a company being wound up by the Court has realised Release of Liquidator. all the property of the company, or so much of it as may, in his opinion, be realised without needlessly protracting the liquidation, and has distributed a final dividend, if any, to the creditors, adjusted the rights of the contributories among themselves, and made a final return, if any, to the contributories, has resigned, or has been removed from his office, the Commission shall, on the application of the liquidator, cause a report on the accounts of the liquidator to be prepared.

(2) The Commission shall consider the report referred to in subsection (1) together with any objection that may be raised by a creditor, contributory, or person interested against the release of the liquidator, and may grant or withhold the release as it deems fit subject to an appeal to the Court.

(3) If the release of a liquidator is withheld, the Court may, on the application of any creditor, contributory, or person interested, make such order as it deems just, charging the liquidator with the consequences of any act or default which he may have done or made contrary to his duty.

(4) An order of the Commission releasing the liquidator shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the company, or otherwise in relation to his conduct as liquidator, and the order may be revoked on proof that it was obtained by fraud, suppression or concealment of any material fact.

(5) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal from his office.

595. (1) The Commission shall take cognisance of the conduct of liquidators of companies which are being wound up by the Court and if a liquidator does not faithfully perform his duties and duly observe all the requirements imposed on him by any enactment, or other- wise with respect to the performance of his duties, or if any complaint is made to the Commission by a creditor or contributory in that regard, the Commission shall inquire into the matter, and may take such action thereon as it deems fit, including the direction of a local investigation of the books and vouchers of the liquidator.

(2) The Commission may, at any time, require the liquidator of a company being wound up by the Court to answer any inquiry in relation to any winding up in which he is engaged and if the Commission deems fit, it may apply to the Court to examine the liquidator or any other person on oath concerning the winding-up.