In force2020 Revised Edition

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

26. Official Assignee’s accounts

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(1)

The Official Assignee must, for such period as may be prescribed, keep in such form and manner as the Official Assignee determines —

(a)

an account of the Official Assignee’s receipts and payments in respect of the Official Assignee’s administration of the estate of a bankrupt; and

(b)

an account of the Official Assignee’s receipts and payments in respect of the Official Assignee’s administration of a debt repayment scheme under Part 15.

(2)

The Official Assignee must, upon payment of the prescribed fee, permit —

(a)

the inspection of an account mentioned in subsection (1)(a) by the bankrupt, any creditor who has proved the creditor’s debt in the bankruptcy or any other interested person; and

(b)

the inspection of an account mentioned in subsection (1)(b) by the debtor to whom the debt repayment scheme relates, any creditor who has proved the creditor’s debt under the debt repayment scheme or any other interested person.

(3)

Every account mentioned in subsection (1) must be audited at least once in each year by such officer as the Minister may appoint.

(4)

For the purposes of the audit under subsection (3), the Official Assignee must —

(a)

produce to the auditing officer such books; and

(b)

furnish the auditing officer with such vouchers and information,as the auditing officer may require.

Terms defined in this Act

bankrupt
Defined · s 2
“bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
Open s 2
books
Defined · s 61
“books” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 61
creditor
Defined · s 273
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy;
Open s 273
debt
Defined · s 288
“debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;
Open s 288
debtor
Defined · s 288
“debtor” means the individual to whom a debt repayment scheme applies under this Part;
Open s 288
Minister
Defined · s 2
“Minister” means —(a)except as provided in paragraph (b), the Minister charged with the responsibility for administration of affairs of insolvent persons and insolvent companies; and(b)for the purposes of sections 124(1)(g) and (2)(c), 125(5), 127(3) and 198, the Minister charged with the responsibility for registration of companies;
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 Assignee
Defined · s 2
“Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
Open s 2