Section 67: Report by receiver., Insolvency Act 1986

Where a receiver is appointed under section 51, he shall within 3 months (or such longer period as the court may allow) after his appointment, send to the registrar of companies, to the holder of the floating charge by virtue of which he was appointed and to any trustees for secured creditors of the company and (so far as he is aware of their addresses) to all such creditors , other than opted-out creditors, a report as to the following matters, namely—

the events leading up to his appointment, so far as he is aware of them;

the disposal or proposed disposal by him of any property of the company and the carrying on or proposed carrying on by him of any business of the company;

the amounts of principal and interest payable to the holder of the floating charge by virtue of which he was appointed and the amounts payable to preferential creditors; and

the amount (if any) likely to be available for the payment of other creditors.

The receiver shall also, within 3 months (or such longer period as the court may allow) after his appointment, either—

send a copy of the report (so far as he is aware of their addresses) to all unsecured creditors of the company , other than opted-out creditors, or

publish in the prescribed manner a notice stating an address to which unsecured creditors of the company should write for copies of the report to be sent to them free of charge,

...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Where the company has gone or goes into liquidation, the receiver—

shall, within 7 days after his compliance with subsection (1) or, if later, the nomination or appointment of the liquidator, send a copy of the report to the liquidator, and

where he does so within the time limited for compliance with subsection (2), is not required to comply with that subsection.

A report under this section shall include a summary of the statement of affairs made out and submitted under section 66 and of his comments (if any) on it.

Nothing in this section shall be taken as requiring any such report to include any information the disclosure of which would seriously prejudice the carrying out by the receiver of his functions.

Section 65(2) applies for the purposes of this section also.

If a person without reasonable excuse fails to comply with this section, he is liable to a fine and, for continued contravention, to a daily default fine.

In this section "secured creditor", in relation to a company, means a creditor of the company who holds in respect of his debt a security over property of the company, and "unsecured creditor" shall be construed accordingly.

Section 67: Report by receiver.

Discussed in

About this text