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The Insolvency Regulations (Northern Ireland) 1996

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Records to be maintained by Trustees and the provision of information

Financial records

25.—(1) The trustee shall prepare and keep—

(a)separate financial records in respect of each bankrupt; and

(b)such other financial records as are required to explain the receipts and payments entered in the records described in sub-paragraph (a) or regulation 27, including an explanation of the source of any receipts and the destination of any payments;

and shall, subject to regulation 27 as to trading accounts, from day to day enter in those records all the receipts and payments made by him.

(2) The trustee shall obtain and keep bank statements relating to any local bank account in the name of the bankrupt.

(3) The trustee shall submit financial records to the creditors' committee when required for inspection.

(4) If the creditors' committee is not satisfied with the contents of the financial records submitted under paragraph (3) it may so inform the Department, giving the reasons for its dissatisfaction.

[E.R. 24]

Provision of information by trustee

26.  The trustee shall, within 14 days of the receipt of a request from any creditor or the bankrupt for a statement of his receipts and payments as trustee, supply free of charge to the person making the request, a statement of his receipts and payments as trustee during the period of one year ending on the most recent anniversary of his becoming trustee which preceded the request.

[E.R. 25]

Trustee carrying on business

27.  Where the trustee carries on any business of the bankrupt, he shall—

(a)keep a separate and distinct account of the trading, including, where appropriate, particulars of all local bank account transactions; and

(b)incorporate in the financial records required to be kept under regulation 25 the total weekly amounts of the receipts and payments made by him in relation to the account kept under paragraph (a).

[E.R. 26]

Retention and delivery of records

28.—(1) All records kept by the trustee under regulations 25 and 27 and any such records received by him from a predecessor in that office shall be retained by him for a period of 6 years following—

(a)his vacation of office, or

(b)in the case of the official receiver, his release as trustee under Article 272,

unless he delivers them to another trustee who succeeds him in office.

(2) Where the trustee is succeeded in office by another trustee, the records referred to in paragraph (1) shall be delivered to that successor forthwith, unless the bankruptcy is for practical purposes complete and the successor is the official receiver, in which case the records are only to be delivered to the official receiver if the latter so requests.

[E.R. 27]

Provision of accounts by trustee and audit of accounts

29.—(1) The trustee shall, if required by the Department at any time, send to the Department an account of his receipts and payments as trustee of the bankrupt covering such period as the Department may direct and such account shall, if so required by the Department, be certified by the trustee.

(2) Where the trustee vacates office prior to the holding of the final general meeting of creditors under Article 304, he shall within 14 days of vacating office send to the Department an account of his receipts and payments as trustee for any period not covered by an account previously so sent by him, or if no such account has been sent, an account of his receipts and payments in respect of the whole period of his office.

(3) Where:

(a)a final general meeting of creditors has been held pursuant to Article 304, or

(b)a final general meeting is deemed to have been held by virtue of Rule 6.134(5),

the trustee shall send to the Department, in case (a), within 14 days of the holding of the final general meeting of creditors and, in case (b), within 14 days of his report to the court pursuant to Rule 6.134(5), an account of his receipts and payments as trustee which are not covered by any previous account so sent by him, or if no such account has been sent, an account of his receipts and payments in respect of the whole period of his office.

(4) Where a statement of affairs has been submitted under the Order, any account sent under this regulation shall be accompanied by a summary of that statement of affairs and shall show the amount of any assets realised and explain the reasons for any non-realisation of any assets not realised.

(5) Where a statement of affairs has not been submitted under the Order, any account sent under this regulation shall be accompanied by a summary of all known assets and their estimated values and shall show the amounts actually realised and explain the reasons for any non-realisation of any assets not realised.

(6) Any account sent to the Department shall, if it so requires, be audited, but whether or not the Department requires the account to be audited, the trustee shall send to the Department on demand any documents (including vouchers and bank statements) and any information relating to the account.

(7) Any account sent to the Department under this regulation shall be on a form obtainable from the Department for the purpose.

[E.R. 28]

Production and inspection of records

30.  The trustee shall produce on demand to the Department, and allow it to inspect, any accounts, books and other records kept by him (including any passed to him by a predecessor in office), and this duty to produce and allow inspection shall extend—

(a)to producing and allowing inspection at the premises of the trustee; and

(b)to producing and allowing inspection of any financial records of the kind described in regulation 25(1)(b) prepared by the trustee before 31st January 1997 and kept by him;

and any such demand may—

(i)require the trustee to produce any such accounts, books or other records to the Department, and allow it to inspect them—

(A)at the same time as any account is sent to the Department under regulation 29; or

(B)at any time after such account is sent to the Department;

whether or not the Department requires the account to be audited; or

(ii)where it is made for the purpose of ascertaining whether the provisions of these Regulations relating to the handling of money received by the trustee in the course of carrying out his functions have been or are likely to be complied with, be made at any time, whether or not an account has been sent or should have been sent to the Department under regulation 29 and whether or not the Department has required any account to be audited.

[E.R. 29]

Disposal of bankrupt’s books, papers and other records

31.  The trustee, on the authorisation of the official receiver, during his tenure of office or on vacating office, or the official receiver while acting as trustee, may at any time sell, destroy or otherwise dispose of the books, papers and other records of the bankrupt.

[E.R. 30]

Payment of unclaimed or undistributed assets, dividends or other money

32.  Notwithstanding anything in these Regulations, any money—

(a)in the hands of the trustee at the date of his vacation of office, or

(b)which comes into the hands of any former trustee at any time after his vacation of office,

representing, in either case, unclaimed or undistributed assets of the bankrupt or dividends, shall forthwith be paid by him into the Insolvency Account.

[E.R. 31]

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