Official Liquidators report (Section 455):
The Official Liquidator must, as soon as practicable after the receipt of the statement of affairs under Section 454 but, not later than
six months from the date of the winding- up order or such extended period as may be allowed by the Court, or where the Court orders that no statement of affairs need be submitted as soon as practicable, after the date of the order, 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, giving separately under the heading of assets , particulars of, (i) cash and negotiable securities; (ii) debts due from contributories (iii) debts due to the company and securities (if any) available in respect thereof; (iv) movable and immovable properties belonging to the company; and (v) unpaid calls;
(b) if the company has failed, as to the causes of the failure; and
(c) whether a further inquiry is desirable as to the company‟s failure, promotions or formation or the conduct of the business thereof.
If the Official Liquidator thinks fit, he may make a further report or report, stating the manner in which the company was promoted or formed and whether in his opinion any fraud has been committed by any person in its formation or promotion or by any officer of the company in relation to the company since the formation and any other matters which, in his opinion, it is desirable to bring to the notice of the Court. Such further report may lead to the public examination of a person or officer in accordance with Section 478 (Section 455).
A person ordered by the Court to be examined will be entitled to obtain a copy of the report of the Official Liquidator at his cost and to employ an advocate to enable him to explain or qualify any answer given by him. The person so charged may apply to the Court to be exculpated from any charges made or suggested against him and, if he does so, it shall be the duty of the Official Liquidator to appear on the hearing of the application and call the attention of the Court to any matters which appears to the Official Liquidator to be relevant [Section 478 (6) & (7)].