PART 4

Trustees and commissioners

Interim trustees

Termination of Accountant in Bankruptcy's functions as interim trustee where not appointed trustee
58
1
This section applies where AiB is appointed as interim trustee under section 54(1) and the sheriff—
a
awards sequestration and appoints another person as trustee under section 51(5), or
b
refuses to award sequestration.
2
Where the sheriff awards sequestration and appoints another person as trustee in the sequestration, AiB—
a
must hand over to the other person everything in AiB's possession which relates to the sequestration, and
b
on that being done, must cease to act in the sequestration.
3
The sheriff may make such order in relation to liability for the outlays and remuneration of AiB as may be appropriate.
4
Within 3 months after the sheriff awards, or refuses to award, sequestration AiB must—
a
send to the debtor and the petitioner—
i
AiB's accounts for intromissions (if any) with the debtor's estate,
ii
a determination of AiB's fees and outlays, calculated in accordance with regulations made under section 205, and
iii
the notice mentioned in subsection (5), and
b
in a case where sequestration is awarded, send a copy of those accounts, that determination and that notice to all creditors known to AiB.
5
The notice is a notice in writing stating—
a
that AiB has commenced procedure under this Act leading to discharge in respect of AiB's actings as interim trustee,
b
that an application for a review may be made under section 59(1),
c
that an appeal may be made to the sheriff under section 59(4), and
d
that, in the circumstances mentioned in subsection (6), AiB is discharged from any liability incurred while acting as interim trustee.
6
Subsection (7) applies where—
a
the requirements of this section have been complied with, and
b
either no appeal is made under section 59(4) or any such appeal is refused as regards the discharge of AiB.
7
AiB is discharged from all liability (other than any liability arising from fraud)—
a
to the debtor,
b
to the petitioner, or
c
to the creditors,
in respect of any act or omission of AiB in exercising the functions of interim trustee conferred on AiB by this Act.