Receiver appointed by court-bankruptcy and liquidation, Financial Accounting

Receiver appointed by court

If appointed by the court, the receiver must give security as directed by the court.

The following notification must be given:

(a) The debenture holders must give notice of the appointment to the registrar within seven days for entry in the register of charges s.103,

(b) If appointed receiver or manager of substantially the whole of the company's assets under a floating charge, the receiver must give notice of his appointment forthwith to the company s.351 (1)(a),

(c) Every invoice, order for goods or business letter on which the company's name appears must state that a receiver or manager has been appointed s.349.

Where (b) above applies, the company must, within 14 days of receiving the notice (or such longer period as the court or the receiver may allow), submit a statement of affairs to the receiver s. 351 (1)(b), verified by affidavit or statutory declaration by a director and the secretary, and showing.

  • Particulars of the company's assets, debts and liabilities
  • Names, residences and occupations of creditors
  • Securities, if any, held by them, and the dates on which they were given, and


(d) Such further or other information as may be prescribed s.352(1).

Posted Date: 12/13/2012 1:57:04 AM | Location : United States

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