Western Australian Consolidated Acts Western Australian Consolidated Acts (1) When the official
liquidator of a company which is being wound up by the Court has realised all
the property of the company, or so much thereof as can, in his opinion, be
realised without needlessly protracting the liquidation, and has distributed a
final dividend, if any, to the creditors, and adjusted the rights of the
contributories among themselves and made a final return, if any, to the
contributories, or has resigned, or has been removed from his office, the
Court shall, on his application cause a report on his accounts to be prepared,
and on his complying with all the requirements of the Court, shall take into
consideration the report and any objection which may be urged by any creditor
or contributory or person interested against the release of the liquidator,
and shall either grant or withhold the release accordingly.
(2) Where the release
of a liquidator is withheld, the Court may, on the application of any creditor
or contributory or person interested, make such order as it thinks just,
charging the liquidator with the consequences of any act or default which he
may have done or made contrary to his duty.
(3) An order of the
Court 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;
but any such order may be revoked on proof that it was obtained by fraud or by
suppression or concealment of any material fact.
(4) Where the
liquidator has not previously resigned or been removed his release shall
operate as a removal of him from his office.