| 1) | If any liquidator is unable to lodge an account with the Master under section 403 he shall before the expiration of any relevant period prescribed under that section- |
| a) | make and lodge with the Master an affidavit stating the reasons why he is not able to lodge an account, the amount of funds in hand available for distribution, a summary of the position in respect of the winding-up, and whether he has applied for an extension of time, and shall send a copy thereof to each creditor of the company; and |
| b) | lodge with the Master written reasons for his inability to lodge the account in question together with a statement of the grounds, if any, upon which he claims an extension of time within which to lodge such account, |
and the Master may thereupon grant such an extension of time as he may in the circumstances think necessary
| 2) | If any liquidator fails to lodge an account with the Master as required by section 403 and to comply with paragraphs (a) and (b) of subsection (1) of this section, the Master or any person having an interest in the company may serve a notice on the liquidator requiring him within two weeks after the date of the notice- |
| a) | to lodge the account in question with the Master, or |
| b) | to comply with the requirements of the said paragraphs (a) and (b) of the said subsection, |
and the Master may, if the account has not been lodged but paragraphs (a) and (b) of the said subsection have been complied with, grant such an extension of time as he may in the circumstances think necessary.
| 3) | Any liquidator who fails to satisfy the Master that he ought to receive an extension of time for the lodging of any account, may, after notice to the Master and to the person referred to in subsection (2), apply to the Court for an order granting such an extension of time within which to lodge that account. |
