Article 5 Amendments to Part 3 – Receivers

After Rule 3.8 (members' dealings with the company) insert–

“Prescribed Part

3.8A

Where a receiver is appointed over the whole or any part of the property of a company and section 176A(2) applies, the receiver shall–

(a)

where the company is in liquidation or administration, make available to the liquidator or administrator for distribution to unsecured creditors the sums representing the prescribed part, or

(b)

in any other case (save where the receiver petitions for the winding up of the company), apply to the court for directions as to the disposal of the prescribed part.”.