In force2020 Revised Edition

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

243. Duty to cooperate with judicial manager and liquidator

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(1)

Where a company is in judicial management or is being wound up, each of the persons mentioned in subsection (2) must —

(a)

give to the Official Receiver or liquidator (where the company is being wound up) or the judicial manager (where the company is in judicial management) such information concerning the company and its promotion, formation, business, dealings, affairs or property as the Official Receiver, liquidator or judicial manager (as the case may be) may reasonably require at any time after the commencement of the winding up or judicial management, as the case may be; and

(b)

attend on the Official Receiver or liquidator (where the company is being wound up) or the judicial manager (where the company is in judicial management) at such times as the Official Receiver, liquidator or judicial manager (as the case may be) may reasonably require.

(2)

The persons mentioned in subsection (1) are —

(a)

any person who is or has at any time been an officer of the company;

(b)

any person who has taken part in the formation of the company at any time within the period of one year before the commencement of the winding up or judicial management, as the case may be;

(c)

any person who —

(i)

is in the employment of the company (including employment under a contract for services) or has been in the employment of the company (including employment under a contract for services) within the period of one year before the commencement of the winding up or judicial management, as the case may be; and

(ii)

is in the opinion of the Official Receiver, liquidator or judicial manager (as the case may be), capable of giving information which the Official Receiver, liquidator or judicial manager (as the case may be) requires; and

(d)

in the case of a company being wound up by the Court, any person who has acted as judicial manager, receiver and manager or liquidator of the company.

(3)

Any person 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 $10,000 and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part of a day during which the offence continues after conviction.

Terms defined in this Act

commencement of the winding up
Defined · s 217
“commencement of the winding up”, in relation to a company, means —(a)in a case where the company is being wound up under an order of the Court made at a time when the company was being wound up voluntarily — the time of the commencement of the voluntary winding up as determined in accordance with paragraph (d) or (e);(b)in a case where a company is being wound up under an order of the Court on an application made while the company was in judicial management — the time of the commencement of the judicial management as determined in accordance with this section;(c)in a case where a company is being wound up under an order of the Court in any other case — the time of the making of the winding up application;(d)in a case where the company is being wound up voluntarily and a provisional liquidator has been appointed before the resolution for voluntary winding up was passed — the time when the declaration mentioned in section 161(1) was lodged with the Registrar of Companies; or(e)in any other case where the company is being wound up voluntarily — the time of the passing of the resolution for voluntary winding up.
Open s 217
company
Defined · s 2
“company” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
Court
Defined · s 2
“Court” means the General Division of the High Court;
Open s 2
judicial manager
Defined · s 88
“judicial manager”, in relation to a company, means a person appointed under this Part to manage the company and its affairs, business and property, but does not, unless a contrary intention appears, include an interim judicial manager;
Open s 88
liquidator
Defined · s 2
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;
Open s 2
officer
Defined · s 61
“officer”, in relation to a corporation, includes —(a)a director or secretary of the corporation, or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)a liquidator of a company appointed in a voluntary winding up,but does not include —(d)a receiver who is not also a manager;(e)a receiver and manager appointed by the Court;(f)a liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed under Part 7;
Open s 61
Official Receiver
Defined · s 2
“Official Receiver” means the Official Receiver appointed under section 17(1) and includes a Deputy Official Receiver, a Senior Assistant Official Receiver and an Assistant Official Receiver;
Open s 2
property
Defined · s 2
“property” includes —(a)money, goods, things in action, land and every description of property, wherever situated; and(b)obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property;
Open s 2