Form No. 144 - Instructions regarding the preparation of the statement of account - Company Court Rules, 1959

Form No. 144 (See rule 299) Instructions regarding the preparation of the statement of account The following general instructions shall be observed in preparing the statements of account to be filed in Court: 1. The statement should be a detailed account of all the Liquidator's realisations and disbursements in respect of the company. Under realisations should be entered all receipts derived from assets existing at the commencement of the winding-up and subsequently realised, including balance in Bank, Book Debts and Calls collected, Property sold, etc., and under disbursements should be entered all payments for costs and charges, or to creditors and contributories. Where property has been realised, the gross proceeds of sale must be entered under realisations, and the necessary payments incidental to sales must be entered as disbursements. The statement should not contain payments into or out of the Bank (which should be shown by the Bank pass book), nor the temporary investments by the Liquidator or the proceeds of such investments when realised, which should be shown separately, by a separate detailed statement of moneys invested by the Liquidator and the investments realised. Interest allowed or charged by the Bank, Bank Commission, etc., and profit or loss upon the realisation of temporary investments should, however, be inserted in the accounts of realisations or disbursements, as the case may be. Each receipt and payment must be entered in the account in such a manner as sufficiently to explain its nature. The receipts and payments must severally be added up at the foot of each sheet, and the totals carried forward, from one account to another without any intermediate balance, so that the gross totals shall represent the total amounts received and paid by the Liquidator respectively. 2. Where the Liquidator carries on a business, a Trading Account must be furnished as a distinct account, and only the totals of receipts and payments on the Trading Account must be brought into the statement. 3. When dividends or instalments of composition are paid to creditors, or a return of surplus assets is made to contributories, the total amount of each dividend, or instalment of composition, or return to contributories, actually paid, must be entered in the statement of disbursements as one sum; and the Liquidator must furnish separate accounts showing in lists the amounts of the claims of each creditor, and the amount of dividend or composition payable to each creditor, and of surplus assets payable to each contributory, distinguishing in each list the dividends and instalments of composition and shares of surplus assets actually paid and those remaining unpaid. 4. When unclaimed dividends, instalments of composition or return of surplus assets are paid into the Companies Liquidation Account, the total amount so paid should be entered in the statement of disbursements as one sum. (Heading as in Form No. 1) Exhibit 'A' referred to in the affidavit of ................................................ Solemnly affirmed this ........................ day of ................ ................................................ 19......... Before me Commissioner. Official Liquidator's statement of account (To be filed under section 462 of the Act) 1. Name of company 2. Date of winding-up order 3. Date of commencement of winding-up 4. Period of account Realisations Disbursements Date Of whom received Nature of assets realised Receipt number Amount Rs. P. Date To whom paid Nature of disbursement Voucher number Amount 1 2 3 4 5 1 2 3 4 5 Brought forward Carried forward Brought forward Carried forward Notes. 1. The statement should be made out in accordance with instructions 1 to 4 herein. 2. No balance should be shown on this account, but only the total realisations and disbursements which should be carried forward to the next statement of account. 3. Only the total amount of dividends paid to creditors or capital returned to contributories should be included under disbursements, and the details should be given in the Annexure below. Analysis of Balance Total realisations Rs. P. Total disbursements Balance The balance is made up as follows: Rs. P. 1. Cash in hands of the Official Liquidator 2. Total payments into bank including balance at the date of commencement of winding-up as per Bank Book Total withdrawals from bank Balance at Bank *3. Amounts invested by Official Liquidator Less Rs. P. Amounts received by realisation of investment Deduct profit or add loss on realisation of investment (carried into account) Balance under investment Total balance as shown above *Note. Full details of investments made and realisations thereof should be given in a separate statement. Annexure to the Account I. Calls made by the Official Liquidator: Date of call: Rate of call: Total amount of call: Total amount realised on the call: II. Dividends declared: 1. Date of declaration: 2. Rate of dividend: 3. If not declared, state reasons and when declaration may probably be made: (Where dividends have been declared and paid the following account should be furnished) Number on Name of Amount of Amount of (or composition) list creditor proof dividend paid Unclaimed Rs. P. Rs. P. Total III. List of amounts paid and payable to contributories during the period of account Number on list Name of contributory Number of shares Amount returnable on shares Paid Rs. P. Unclaimed Rs. P. 1 2 3 4 5 Total IV. Legal proceedings authorised Date and order authorising employment of advocate Name of advocate Nature of work authorised to be done Limit of costs, if any 1 2 3 4 If any actions or other proceedings are delaying the close of the liquidation state shortly the nature and probable duration thereof. State also any other circumstances tending to delay the winding-up of the company, or affecting the realised value of the property or the costs of realisation. V. Liquidator's Trading Account* *To be furnished where the Official Liquidator carries on business The Official Liquidator in account with the estate Dr. Receipts Payment Cr Date Particulars Rs. P. Date Particulars Rs. P. Total Total Date ....................... Sd/ Official Liquidator