The Insolvency (Amendment) Rules 2010

Substitution of Rule 5.31

279.  For rule 5.31 (supervisor’s accounts and reports) substitute—

“5.31A    Supervisor’s accounts and reports

(1) Paragraph (2) applies where the voluntary arrangement authorises or requires the supervisor—

(a) to carry on the business of the debtor or trade on behalf of or in the name of the debtor; or

(b) to realise assets of the debtor or (in a case where the debtor is an undischarged bankrupt) belonging to the estate; or

(c) otherwise to administer or dispose of any funds of the debtor or the estate.

(2) The supervisor must keep accounts and records of the supervisor’s acts and dealings in, and in connection with, the arrangement, including in particular records of all receipts and payments of money.

(3) The supervisor must preserve any accounts and records in paragraph (2) which—

(a) were kept by any other person who has acted as supervisor of the arrangement; and

(b) are in the supervisor’s possession.

(4) Subject to paragraph (5), the supervisor must in respect of each period of 12 months ending with the anniversary of the commencement of the arrangement send within 2 months of the end of that period a report on the progress and prospects for the full implementation of the voluntary arrangement to—

(a) the debtor, and

(b) all those of the debtor’s creditors who are bound by the voluntary arrangement and of whose address the supervisor is aware.

(5) The supervisor is released from an obligation to send a report under paragraph (4), if an obligation to send a final report under Rule 5.34 arises in the period of 2 months mentioned in paragraph (4).

(6) Where the supervisor is authorised or required to do any of the things mentioned in paragraph (1)(a) to (c) the report required to be sent pursuant to paragraph (2) must include or be accompanied by—

(a) an abstract of receipts and payments required to be recorded by virtue of paragraph (2); or

(b) where there have been no such receipts and payments, a statement to that effect.”.