190. Progress report to members and creditors at year's end

(1) If the winding-up of the Company continues for more than one year, the liquidator must, within two (2) months after the end of twelve (12) months commencing on the date on which the liquidator is appointed, and after every subsequent twelve (12) months until the liquidator ceases to act —
(a) produce a progress report providing an account of his acts and dealings, and of the conduct of the winding-up, during the preceding year; and
(b) send a copy of the progress report to the members and creditors (other than opted-out creditors) of the Company and to the Registrar.
(2) A progress report is not required for any period which ends after the liquidator has sent a final report to members and creditors under Section 191 (Final meeting prior to dissolution).
(3) If the liquidator fails to comply with this Section, he commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.