accounts of trusteesthe trustee must keep proper


Accounts of trustees

The trustee must keep proper books of account, which may be inspected by the creditors at any time. The cash book must be audited by the committee of inspection at least once every three months, and the trading account examined and certified by them at least once a month. The accounts must be submitted for audit by the Official Receiver every six months and when the estate has been fully realised and distributed, one copy of the audited accounts is retained by the Official Receiver and another filed with the court. The trustee must also submit to the Official Receiver a progress report at least once a year.

Trustee's bank account

The trustee must pay all money received into the Bankruptcy Estates Account at the prescribed bank if he retains sums exceeding Shs 1,000 for more than ten days, he is liable to pay 20% per annum interest on the amount, loses his rights to remuneration, may be removed from office, and is liable to pay any expenses incurred through his being advantageous to the creditors of the committee of inspection, or the trustee satisfies the court that there are good reasons for doing so. The trustee cannot draw cheques on the Bankruptcy Estates Account; only the Official Receiver can do so.

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Financial Accounting: accounts of trusteesthe trustee must keep proper
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