# The Insolvency Regulations 1994, Regulation 10: Financial records


(1) This regulation does not apply in the case of a members' voluntary winding up.
(2) The liquidator shall prepare and keep—
(a) separate financial records in respect of each company; and
(b) such other financial records as are required to explain the receipts and payments entered in the records described in sub-paragraph (a) above or regulation 12(2) below, including an explanation of the source of any receipts and the destination of any payments;
and shall, subject to regulation 12(2) below as to trading accounts, from day to day enter in those records all the receipts and payments (including, in the case of a voluntary winding up, those relating to the Insolvency Services Account) made by him.
(3) In the case of a winding up by the court, the liquidator shall obtain and keep bank statements relating to any local bank account in the name of the company.
(4) The liquidator shall submit financial records to the liquidation committee when required for inspection.
(5) In the case of a winding up by the court, if the liquidation committee is not satisfied with the contents of the financial records submitted under paragraph (4) above it may so inform the Secretary of State, giving the reasons for its dissatisfaction, and the Secretary of State may take such action as he thinks fit.

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Source: https://www.legislation.gov.uk/uksi/1994/2507/regulation/10 (the official version)
Page: https://openlegislation.uk/insolvency-regulations-1994/regulation-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.