Companies Act 1985

495 Information to be given by and to receiver on appointment

(1) The following applies where, in the case of a company registered in England and Wales, a receiver or manager of the whole (or substantially the whole) of the company's property is appointed on behalf of the holders of any debentures of the company secured by a floating charge.

In this and the following two sections, he is referred to as " the receiver ".

(2) Subject to the following provisions of this section, and to sections 496 and 497—

(a) the receiver shall forthwith send to the company notice of his appointment in the prescribed form, and

(b) there shall within 14 days after receipt of the notice (or such longer period as may be allowed by the court or by the receiver) be made out and submitted to the receiver in accordance with section 496 a statement in the prescribed form as to the affairs of the company.

(3) The receiver shall, within 2 months after receipt of the statement, send—

(a) to the registrar of companies and to the court, a copy of the statement and of any comments he sees fit to make on it and, in the case of the registrar of companies, also a summary of the statement and of his comments (if any) on it; and

(b) to the company, a copy of any such comments as above mentioned or, if he does not see fit to make any comments, a notice to that effect; and

(c) to any trustees for the debenture holders on whose be half he was appointed and, so far as he is aware of their addresses, to all such debenture holders a copy of the summary.

(4) If the receiver is appointed under powers contained in an instrument, subsections (2) and (3) have effect with the omission of references to the court; and in any other case references to the court are to the court by which the receiver was appointed.

(5) This section does not apply in relation to the appointment of a receiver or manager to act—

(a) with an existing receiver or manager, or

(b) in place of a receiver or manager dying or ceasing to act,

except that, where it applies to a receiver or manager who dies or ceases to act before it has been fully complied with, the references in subsection (2)(b) and (3) to the receiver include (subject to the next subsection) his successor and any continuing receiver or manager.

(6) If the company is being wound up, this section and section 496 apply notwithstanding that the receiver or manager and the liquidator are the same person, but with any necessary modifications arising from that fact.

(7) If the receiver makes default in complying with this section, he is liable to a fine and, for continued contravention, to a daily default fine.