In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 9 · Provisions Applicable in Judicial Management and Winding Up

242. Getting in company’s property

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(1)

Where a company is in judicial management or is being wound up, and any person has in his or her possession or control any property, books, papers or records to which the company appears to be entitled, the Court may require that person to immediately (or within such period as the Court may direct) pay, deliver, convey, surrender or transfer the property, books, papers or records to the judicial manager or liquidator, as the case may be.

(2)

Where the judicial manager or liquidator, as the case may be —

(a)

seizes or disposes of any property which is not property of the company; and

(b)

at the time of seizure or disposal believes, and has reasonable grounds for believing, that he or she is entitled (whether pursuant to an order of the Court or otherwise) to seize or dispose of that property,the judicial manager or liquidator, as the case may be —

(c)

is not liable to any person in respect of any loss or damage resulting from the seizure or disposal except insofar as that loss or damage is caused by the judicial manager’s or liquidator’s negligence, as the case may be; and

(d)

has a lien on the property, or the proceeds of its sale, for such expenses as were incurred in connection with the seizure or disposal.