PART 3Modifications of the Law of Insolvency: Notification and Publication
Reports to creditors16
1
This regulation applies where, on or after 5th May 2004—
a
a liquidator is appointed in accordance with section 100 of the 1986 Act, Article 86 of F1the 1989 Order (creditors' voluntary winding up: appointment of liquidator) or paragraph 83 of Schedule B1 to the 1986 Act F2or paragraph 84 of Schedule B1 to the 1989 Order (moving from administration to creditors' voluntary liquidation);
b
a winding-up order is made by the court;
c
a provisional liquidator is appointed; or
F3d
an administrator is appointed under paragraph 13 of Schedule B1 to the 1986 Act or paragraph 14 of Schedule B1 to the 1989 Order.
2
The liquidator, provisional liquidator or administrator (as the case may be) must send a report to every known creditor once in every 12 months beginning with the date when his appointment has effect.
3
The requirement in paragraph (2) does not apply where a liquidator, provisional liquidator or administrator is required by order of the court to send a report to creditors at intervals which are more frequent than those required by this regulation.
4
This regulation is without prejudice to any requirement to send a report to creditors, imposed by the court on the liquidator, provisional liquidator or administrator, which is supplementary to the requirements of this regulation.
5
A liquidator, provisional liquidator or administrator commits an offence if he fails without reasonable excuse to comply with an applicable requirement under this regulation, and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
6
For the purposes of this regulation—
a
“known creditor” means—
i
a creditor who is known to the liquidator, provisional liquidator or administrator, and
ii
in a case falling within paragraph (1)(b) or (c), a creditor who is specified in the credit institution’s statement of affairs (within the meaning of section 131 of the 1986 Act or Article 111 of the 1989 Order);
b
“report” means a written report setting out the position generally as regards the progress of the winding up, provisional liquidation or administration (as the case may be).