Following the publication of the comprehensive list of creditors in the Government Gazette on the 20th December 2022, the Controller reports that no objections to this list were made to him.
The next steps which follow are:
- The drawing up of the account of the liquidation proceedings and securing an audit report on the same.
- Finalization of a report to the Minister of Finance, accompanied by a scheme of distribution.
- Applying for clearance from the Commissioner for Revenue in order to be able to proceed with the eventual distribution of funds held by the Controller.
- Publication of an extract of the report to the Minister in the Government Gazette.
- Submission of the Scheme of Distribution to the Appeals Board set up under the Controlled Companies (Procedure for Liquidation) Act, for approval.
- Upon approval, the refund process will be initiated.
Richard Galea Debono Adv.
Controller – Satabank p.l.c.