(1) The liquidator of an authorised institution that is being wound up shall keep creditors of the institution regularly informed, in an appropriate manner, about the winding-up and its progress.
(2) The obligation imposed by this Regulation to keep creditors regularly informed is satisfied if the liquidator has complied with any order of the Court with respect to providing reports to creditors and is in addition to the requirement imposed by section 306 of the Companies Act 1963 (No. 33 of 1963).