Part IX Bankruptcy

Chapter II Protection of Bankrupt’s Estate and Investigation of His Affairs

287F1Powers of interim receiver.

(1)

F2An interim receiver appointed under section 286 is the receiver and (subject to section 370 (special manager)) the manager of the F3debtor's property and is under a duty to act as such.

(2)

The function of F4an interim receiver while acting as receiver or manager of the F5debtor's property under this section is to protect F6the property; and for this purpose—

(a)

he has the same powers as if he were a receiver or manager appointed by the High Court, and

(b)

he is entitled to sell or otherwise dispose of any perishable goods comprised in F6the property and any other goods so comprised the value of which is likely to diminish if they are not disposed of.

(3)

F7An interim receiver while acting as receiver or manager F8of the debtor's property under this section—

(a)

shall take all such steps as he thinks fit for protecting F9the debtor's property,

F10(b)

is not required to do anything that involves his incurring expenditure, except in pursuance of directions given by—

(i)

the Secretary of State, where the official receiver is the interim receiver, or

(ii)

the court, in any other case,

(c)

may, if he thinks fit (and shall, if so directed by the court) at any time F11seek a decision on a matter from the F12debtor's creditors.

(4)

Where—

F13(a)

an interim receiver acting as receiver or manager of the debtor's property under this section seizes or disposes of any property which is not the debtor's property, and

(b)

at the time of the seizure or disposal the F14interim receiver believes, and has reasonable grounds for believing, that he is entitled (whether in pursuance of an order of the court or otherwise) to seize or dispose of that property,

the F15interim receiver is not to be liable to any person in respect of any loss or damage resulting from the seizure or disposal except in so far as that loss or damage is caused by his negligence; and he has a lien on the property, or the proceeds of its sale, for such of the expenses of the F16interim receivership as were incurred in connection with the seizure or disposal.

F17(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .