Release of trustee

(1) When the trustee has realised all the property of the bankrupt, or so much thereof as can, in his 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 office, the Registrar shall on his application prepare a report on his accounts, which shall be submitted to the court, and the court shall take into consideration the report and any objection, which may be urged by any creditor or person interested against his release, and shall either grant or withhold the release accordingly. (2) Where the release of a trustee is withheld, the court may, on the application of any creditor or person interested, make such order as it thinks just, charging the trustee with the consequences of any act or default which he may have done or made contrary to his duty. (3) An order of the court releasing the trustee shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the bankrupt, or otherwise in relation to his conduct as trustee, but 68 any such order may be revoked on proof that it was obtained by fraud or by suppression or concealment of any material fact. (4) Where the trustee has not previously resigned or been removed, his release shall operate as a removal of him from his office, and thereupon the Official Receiver shall be the trustee.