PART IICompany Insolvency Etc
CHAPTER IVReceivers and Managers (England and Wales)
Administrative receivers: ascertainment and investigation of company's affairs
53Statement of affairs to be submitted to administrative receiver
1
Where an administrative receiver of a company is appointed, the administrative receiver shall forthwith require some or all of the persons mentioned in subsection (3) below to make out and submit to him a statement in the prescribed form as to the affairs of the company.
2
A statement submitted under this section shall be verified by affidavit by the persons required to submit it and shall show—
a
particulars of the company's assets, debts and liabilities;
b
the names and addresses of its creditors;
c
the securities held by them respectively ;
d
the dates when the securities were respectively given; and
e
such further or other information as may be prescribed.
3
The persons referred to in subsection (1) above are—
a
those who are or have been officers of the company ;
b
those who have taken part in the company's formation at any time within one year before the date of the appointment of the administrative receiver ;
c
those who are in the company's employment, or have been in its employment within that year, and are in the administrative receiver's opinion capable of giving the information required;
d
those who are or have been within that year officers of or in the employment of a company which is, or within that year was, an officer of the company ;
and in this subsection " employment" includes employment under a contract for services.
4
Where any persons are required under this section to submit a statement of affairs to the administrative receiver, they shall do so (subject to subsection (5) below) before the end of the period of twenty-one days beginning with the day after that on which the prescribed notice of the requirement is given to them by the administrative receiver.
5
The administrative receiver, if he thinks fit, may—
a
at any time release a person from an obligation imposed on him under subsection (1) or (2) above ; or
b
either when giving the notice mentioned in subsection (4) above or subsequently, extend the period so mentioned ;
and where the administrative receiver has refused to exercise a power conferred by this subsection, the court, if it thinks fit, may exercise it.
6
If a person without reasonable excuse fails to comply with any obligation imposed under this section, he shall be liable—
a
on summary conviction, to a fine not exceeding the statutory maximum and, for continued contravention, to a daily default fine not exceeding one-tenth of the statutory maximum;
b
on conviction on indictment, to a fine.