(1) When the trustee has realised all the property of the bankrupt, or such much as can, in his or her opinion, be realised without needlessly protracting the trusteeship, and distributed a final dividend, if any, or has ceased to act by reason of a composition having been approved, or has resigned, or has been removed from his or her office, the Court 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 requirement of the Court, shall take into consideration the report, and any objection which may be urged by any creditor or person interested against the release of the trustee, and shall either grant or withhold the release accordingly.