Submission of accounts etc.
42.Section 19 requires judicial factors to report to the Accountant in relation to the judicial factor’s dealings with the estate to which the judicial factor is appointed. Subsection (2) requires that such reports include accounts, and provides for the judicial factor and the Accountant to agree on the format of reports and the way in which they are to be submitted. If the Accountant and the judicial factor are unable to reach agreement, then the Accountant may direct the format and manner of submission of the reports, and the judicial factor will be required to comply with that direction. Reports are to be submitted as soon as possible following the end of each reporting period. The reporting period is defined in subsection (3) and will be fixed by the Accountant for each individual judicial factor, with the first period starting on the date that the judicial factor is appointed. Subsection (4) provides that reporting periods will normally be between one and two years, although in exceptional circumstances the Accountant may specify in relation to a judicial factor a reporting period of less than one year. Subsection (5) allows the Accountant to extend a reporting period if the judicial factor can demonstrate why the extension is required, but such extension is in relation to the reporting year in which the application is made – subsequent reporting periods will revert to the previously fixed duration.
