Part XXIV Insolvency
Receivership
C1C2363 Authority’s powers to participate in proceedings.
1
This section applies if a receiver has been appointed in relation to a company which—
a
is, or has been, an authorised person;
b
is, or has been, an appointed representative; or
c
is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.
2
The Authority is entitled to be heard on an application made under section 35 or 63 of the 1986 Act (or Article 45 of the 1989 Order).
3
The Authority is entitled to make an application under section 41(1)(a) or 69(1)(a) of the 1986 Act (or Article 51(1)(a) of the 1989 Order).
4
A report under section 48(1) or 67(1) of the 1986 Act (or Article 58(1) of the 1989 Order) must be sent by the person making it to the Authority.
5
A person appointed for the purpose by the Authority is entitled—
a
to attend any meeting of creditors of the company summoned under any enactment;
b
to attend any meeting of a committee established under section 49 or 68 of the 1986 Act (or Article 59 of the 1989 Order); and
c
to make representations as to any matter for decision at such a meeting.
C3C4364 Receiver’s duty to report to Authority.
If—
a
a receiver has been appointed in relation to a company, and
b
it appears to the receiver that the company is carrying on, or has carried on, a regulated activity in contravention of the general prohibition,
the receiver must report the matter to the Authority without delay.