In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 3 · Official Assignee, Official Receiver and Insolvency Practitioners

23. General duties of Official Assignee as regards estate of bankrupt

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(1)

The Official Assignee has the following duties as regards the estate of a bankrupt administered by the Official Assignee:

(a)

to act as the receiver of the bankrupt’s estate and, where a special manager has not been appointed under section 379, as the manager of the estate;

(b)

to raise money or make advances for the purposes of the estate, and to authorise the special manager (if any) to raise money or make advances for the like purposes, in any case where it appears necessary to do so in the interests of the creditors;

(c)

to summon and preside at all meetings of creditors held under this Part or Parts 13 to 21;

(d)

to issue forms of proxy for use at the meetings of creditors;

(e)

to report to the creditors as to any proposal that the Official Assignee makes with respect to the mode of liquidating the bankrupt’s affairs;

(f)

to advertise the bankruptcy order, the date of any public examination and such other matters as may be necessary to advertise.

(2)

For the purpose of carrying out the Official Assignee’s duties as receiver or manager, the Official Assignee has the same powers as if the Official Assignee were a receiver and manager appointed by the Court.

(3)

The Official Assignee must, as far as practicable, consult the creditors with respect to the management of the bankrupt’s estate, and may for that purpose, if the Official Assignee thinks it advisable, summon meetings of the persons claiming to be creditors.

(4)

The Official Assignee must account to the Court and pay over all moneys and deal with all securities in such manner as the Court may, subject to this Act, direct.