Co-operatives Act, 2005 (Act No. 14 of 2005)RegulationsCo-operatives Administrative Regulations, 2016Chapter 2 : Winding Up and Judicial Management of Co-operativesPart A : Winding-Up of Co-operativesLiquidation, trading, distribution and contribution accounts and application of proceeds100. Liquidation account |
| (1) | A liquidation account must contain an accurate record— |
| (a) | of all money received and of all money disbursed by the liquidator otherwise than in the course of a business which he or she carries on behalf of the co-operative; |
| (b) | of the expected or real costs of liquidation; |
| (c) | of every claim against the co-operative proved or admitted in terms of regulation 98; |
| (d) | of the amount standing to the credit of each member in the members' fund of the co-operative; |
| (e) | if such a claim is a secured claim, of the property which serves as security for the claim, or if the property has already been realized, the amount of the proceeds thereof; |
| (f) | in the case of a second or later liquidation account, of the amount paid on every claim in terms of a previous liquidation account; |
| (g) | in the case of a liquidation account which is not the final liquidation account— |
| (i) | of all aspects yet to be realized; |
| (ii) | of all debts yet to be recovered; |
| (iii) | of the reasons why such assets have not yet been realized or such debts have not yet been recovered. |
| (2) | A liquidation account must subject to the provisions of regulations 101, 102, 103, 104, and 105 provide for the application of the proceeds of the assets of the co-operative. |