Section 485. Report by liquidator

(1) The liquidator shall, as soon as practicable from the receipt of the statement of affairs, submit a preliminary report to the Court—

(a) as to the amount of capital issued, subscribed and paid up and the estimated amount of assets and liabilities;

(b) if the company has failed, as to the causes of the failure; and

(c) whether in his opinion further inquiry is desirable as to any matter relating to the promotion, formation or failure of the company or the conduct of the business thereof.

(2) In addition to subsection (1), the liquidator may, as he thinks fit, make further reports stating—

(a) the manner in which the company was formed and whether in his opinion any fraud has been committed or any material fact has been concealed by any person in its promotion or formation or by any officer in relation to the company since its formation;

(b) whether any officer of the company has contravened or failed to comply with this Act; and

(c) specifying any other matter which in his opinion is desirable to be brought to the notice of the Court.