In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 6 · Corporate Insolvency — Receivership

84. Special provisions as to statement submitted to receiver or manager

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(1)

The statement as to the affairs of a company or corporation required by section 83 to be submitted to the receiver or manager must show, as at the date of the appointment of the receiver or manager —

(a)

the particulars of the assets, debts and liabilities of the company or corporation;

(b)

the names and addresses of the creditors of the company or corporation;

(c)

the securities held by the creditors respectively;

(d)

the dates when the securities were respectively given; and

(e)

such further or other information as may be prescribed.

(2)

The statement must be submitted by, and be verified by affidavit of —

(a)

all of the following persons:

(i)

one or more of the persons who were, at the date of the appointment of the receiver or manager, the directors of the company or corporation;

(ii)

the person who was at that date the secretary of the company or corporation; or

(b)

if the persons mentioned in paragraph (a) are not able or willing to submit and verify the statement, such of the persons mentioned in subsection (3) as the receiver or manager may require to submit and verify the statement.

(3)

The persons mentioned in subsection (2)(b) are —

(a)

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

(b)

any person who has taken part in the formation of the company or corporation at any time within one year before the date of the appointment of the receiver or manager; and

(c)

any person who is in the employment of the company or corporation, or has been in the employment of the company or corporation within one year before the date of the appointment of the receiver or manager, and is in the opinion of the receiver or manager capable of giving the information required.

(4)

Any person making the statement and affidavit is allowed, and is to be paid by the receiver or manager (or the successor of the receiver or manager) out of the receipts of the receiver or manager, such costs and expenses incurred in preparing and making the statement and affidavit as the receiver or manager (or successor) may consider reasonable, subject to an appeal to the Court.

(5)

Any person who defaults in complying with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty.

(6)

References in this section to the successor of the receiver or manager include a continuing receiver or manager.