(1) Subject to section 447, in the event of the winding-up continuing for more than one year, the liquidator shall summon a general meeting of the company at the end of the first year from the commencement of the winding-up and of each succeeding year, or at the first convenient date within 3 months (or such longer period as the court may allow) from the end of the year, and shall lay before the meeting an account of his or her acts and dealings and of the conduct of the winding-up during the preceding year.
(2) If the liquidator fails to comply with subsection (1) he or she commits an offence.