Section 490. Release of liquidators and dissolution of company

A liquidator may apply to the Court—

(a) for an order that he be released and that the company be dissolved, if he has—

(i) realised all the property of the company or so much as in his opinion can be realised without needlessly protracting the liquidation;

(ii) distributed a final dividend, if any, to the creditors;

(iii) adjusted the rights of the contributories among themselves; and

(iv) made a final return, if any, to the contributories, or

(b) for an order that he be released, if he has resigned or been removed from his office.