At the expiration of three (3) months from the appointment of the assignee in any case, or as much earlier as the court may direct, a time and place shall be fixed by the court at which the assignee shall file just and true

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7 Guam Code Ann. CIVIL PROCEDURE
CH. 50 INSOLVENCY LAW

accounts of all his receipts and payments with proper vouchers, verified by his oath, and a statement of the property outstanding, specifying the causes of its remaining outstanding, also what debts or claims are yet undetermined, and stating what sum remains in his possession, and shall accompany the same with an affidavit that notice by registered mail has been given to all creditors named in the schedule filed by the debtor or the assignee that said accounts will be heard at a time specified in such notice, which time shall not be less than two (2) weeks nor more than three (3) months from the filing of such accounts. At the hearing the court shall audit the accounts of the assignee, and any person interested may appear and file exceptions thereto and contest the same. The court thereupon shall confirm said accounts if they shall be found to be correct, or order the same corrected if errors shall be found therein.

The court shall also, in such hearing, determine the property which must be deducted from the estate as another’s under the provisions of § 50250 of this Chapter, and the right of the claimants to participate in the
dividend, and may order a dividend paid to those creditors whose claims have been proven and allowed. The decision of the court theretofore rendered as to whether any claimant was entitled to vote for an assignee shall not be conclusive upon the right of the claimant to share in such dividend; but all claimants who were so allowed to vote shall participate in such dividend unless objections were filed to the same prior to such hearing.
If any objections have been filed against any claim, or if any claimant was refused the right to vote, the court shall determine said objections and the rights of all such claimants in such hearing and refuse or allow the same before the declaration of a dividend. Thereafter, further accounts, statements, and dividends shall be made in like manner as often as occasion requires; provided however, that it shall be the duty of the assignee to file his final account within one (1) year from the date of the order of adjudication, unless the court, after notice to creditors, shall grant further time, upon a satisfactory showing that great loss and waste would result to the estate by reason of the conversion of the property into money within said time, or that it has been impossible to do so by reason of litigation.

SOURCE: CCP 1331.