11. Accounts
The Curator need not lodge an Account Current or Cash Account bringing out the day-to-day balances in his hands, but the Accountant reserves the right to call for such an account where excess balances have been held on hand or where there is difficulty in ascertaining the balance due to or by the Curator.
A Curator is not entitled to retain on hand balances in excess of the statutory limit of 500 for more than l0 days 1. Since there is no provision for retaining Curatory funds in non interest bearing bank accounts any funds held therein are regarded as balances in hands of the Curator. Where excess balances are held for more than l0 days a Curator may be personally liable to penal interest at the rate of 20%.
On the initial audit of the Curator's Account being completed the Accountant will issue to the Curator or to Agents acting on behalf of the Curator his Audit Report. The Audit Report will fix the commission due to the Curator for his work, strike the balance due to or by the Curator and list in the Notes thereto the Accountant's further requirements, if any. The Audit Report requires to be returned within 20 days of its issue . If any of the findings in the Report are not objected to within 20 days they will be binding on the Curator, (eg, if the Commission fixed is not considered to be adequate by the Curator, the Curator must lodge objections thereto within 20 days of the issue of the Audit Report otherwise the Commission fixed will stand) 2. Where necessary the Audit Report may be issued with Second Notes stating the Accountant's further requirements. When the Audit Report has been returned and the audit finally completed the Accountant signs the Audit Report and issues an audit fee note.
1 Judicial Factors Act 1849 Section 5 as amended by Law Reform (Misc Prov) (Scotland) Act 1980
2 Judicial Factors Act 1849 Section 15
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