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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 323

Power of court to fix remuneration on application of liquidator.

323.(1) Where a receiver or manager of the whole or substantially the whole of
the property of a company (hereafter in this section and in section three
hundred and twenty-four referred to as "the receiver") is appointed on behalf
of the holders of any debentures of the company secured by a floating charge,
then subject to the provisions of this section and section three hundred and
twenty-four

(a)the receiver shall forthwith [send to the company notice of his appointment
in the prescribed form]; and

(b)there shall, within fourteen days after receipt of the notice, or such
longer period as may be allowed by the court or by the receiver, be made out
and submitted to the receiver in accordance with section three hundred and
twenty-four a statement in the prescribed form as to the affairs of
the company; and

(c)the receiver shall within two months after receipt of the said statement
send

(i)to the registrar of companies and to the court, a copy of the statement and
of any comments he sees fit to make thereon and in the case of
the registrar of companies also a summary of the statement and of his
comments, if any, thereon; and

(ii)to the company, a copy of any such comments as aforesaid or, if he does
not see fit to make any comment, a notice to that effect; and

<(iii)to any trustees for the debenture holders on whose behalf he was appointed and, so far as he is aware of their addresses, to all such debenture holders a copy of the said summary.


(2) The receiver shall within two months, or such longer period as the court
may allow after the expiration of the period of twelve months from the date of
his appointment and of every subsequent period of twelve months, and within
two months or such longer period as the court may allow after he ceases to act
as receiver or manager of the property of the company, send to
the registrar of companies, to any trustees for the debenture holders of
the company on whose behalf he was appointed, to the company and (so far as he
is aware of their addresses) to all such debenture holders an abstract in the
prescribed form showing his receipts and payments during that period of
twelve months or, where he ceases to act as aforesaid, during the period from
the end of the period to which the last preceding abstract related up to the
date of his so ceasing, and the aggregate amounts of his receipts and of his
payments during all preceding periods since his appointment.

(3) Where the receiver is appointed under the powers contained in any
instrument, this section shall have effect

(a)with the omission of the references to the court in sub-section (1); and

(b)with the substitution for the references to the court in sub-section (2) of
references to the Ministry;

(4) Sub-section (1) shall not apply in relation to the appointment of a
receiver or manager to act with an existing receiver or manager or in place of
a receiver or manager dying or ceasing to act, except that, where that
sub-section applies to a receiver or manager who dies or ceases to act before
it has been fully complied with, the references in paragraphs (b) and (c)
thereof to the receiver shall (subject to sub-section (5)) include references
to his successor and to any continuing receiver or manager.

Nothing in this sub-section shall be taken as limiting the meaning of "the
receiver" where used in, or in relation to, sub-section (2).

(5) This section and section three hundred and twenty-four, where the company
is being wound up, shall apply notwithstanding that the receiver or manager
and the liquidator are the same person, but with any necessary modifications
arising from that fact.

(6) Nothing in sub-section (2) shall be taken to prejudice the duty of
the receiver to render proper accounts of his receipts and payments to the
persons to whom, and at the times at which, he may be required to do so apart
from that sub-section.

(7) If the receiver makes default in complying with the requirements of this
section, he shall be liable to a fine not exceeding five pounds for every day
during which the default continues.

© 1960 Crown Copyright

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