In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 7 · Judicial Management

105. Information to be given by judicial manager

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(1)

Where a company enters judicial management, the judicial manager must —

(a)

within 3 days after the company’s entry into judicial management —

(i)

in a case where the judicial manager was appointed by the Court under section 91(1), lodge with the Official Receiver and the Registrar of Companies a copy of the judicial management order; or

(ii)

in a case where the judicial manager was appointed by the creditors of the company under section 94(11)(e), lodge with the Official Receiver and the Registrar of Companies a written notice of the appointment in the prescribed form;

(b)

within 3 days after the company’s entry into judicial management, send to the company, and publish in the Gazette and in an English local daily newspaper, a notice of the judicial management order or the notice of the appointment of the judicial manager mentioned in paragraph (a)(ii), as the case may be; and

(c)

within 28 days after the company’s entry into judicial management, unless the Court otherwise directs, send a notice of the judicial management order or the notice of the appointment of the judicial manager mentioned in paragraph (a)(ii) (as the case may be) to every creditor of the company (so far as the judicial manager is aware of the creditor’s address).

(2)

The Registrar of Companies must enter the copy of the judicial management order mentioned in subsection (1)(a)(i) or the notice of appointment of the judicial manager mentioned in subsection (1)(a)(ii) (as the case may be) in the Registrar’s records of the company.

(3)

Any judicial manager who, without reasonable excuse, fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.