Section 489 of Insolvency Act CAP 53: Liquidator to lodge periodic statements with Registrar of Companies with respect to current position of liquidation
(1) If the liquidation of a company is not completed within twelve months after its commencement, the liquidator shall, at such intervals as are prescribed by the insolvency regulations and until the liquidation is completed, lodge with the Registrar a statement containing the particulars so prescribed with respect to the proceedings in, and position of, the liquidation.
(2) A liquidator who fails to lodge a statement as required by subsection (1) commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings.
(3) If, after being convicted of an offence under subsection (2), a liquidator continues to fail to lodge a statement as required by subsection (1), the liquidator commits a further offence on each day on which the failure continues and on conviction is liable to a fine not exceeding fifty thousand shillings for each such offence.
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