(1) When the liquidator of a company which is being wound up by the court has realised all the assets of the company, or so much thereof as can, in his or her opinion be realised without needlessly protracting the liquidation, and has distributed a final dividend, if any, to the creditors, and adjusted the rights of the contributories among themselves, and made a final return, if any, to the contributories, or has resigned, or has been removed from his or her office, the Registrar shall, on his or her application, cause a report on his or her accounts to be prepared, and, on his or her complying with all the requirements of the Registrar, shall take into consideration the report, and any objection which may be urged by any creditor or contributory or person interested against the release of the liquidator, and shall either grant or withhold the release accordingly, subject nevertheless to an appeal to the court.