40. (1) The liquidator may, after verification of claims under section
39, either admit or reject the claim, in whole or in part, as the case may
be:
Provided that where the liquidator rejects a claim, he shall record in
writing the reasons for such rejection.
(2) The liquidator shall communicate his decision of admission or rejection
of claims to the creditor and corporate debtor within seven days of such
admission or rejection of claims.