Rule 2.47 Reports to creditorsF1

(1)

“Progress report” means a report which includes—

(a)

details of the court where the proceedings are and the relevant court reference number;

(b)

full details of the company’s name, address of registered office and registered number;

(c)

full details of the administrator’s name and address, date of appointment and name and address of appointor, including any changes in office-holder, and, in the case of joint administrators, their functions as set out in the statement made for the purposes of paragraph 100(2);

(d)

details of any extensions to the initial period of appointment;

(e)

details of progress during the period of the report, including a receipts and payments account (as detailed in paragraph (2) below);

(f)

details of any assets that remain to be realised; and

(g)

any other relevant information for the creditors.

(2)

A receipts and payments account shall state what assets of the company have been realised, for what value, and what payments have been made to creditors or others. The account is to be in the form of an abstract showing receipts and payments during the period of the report and where the administrator has ceased to act, the receipts and payments account shall include a statement as to the amount paid to unsecured creditors by virtue of the application of section 176A (prescribed part).

(3)

The progress report shall cover—

(a)

the period of 6 months commencing on the date that the company entered administration, and every subsequent period of 6 months; and

(b)

when the administrator ceases to act, any period from the date of the previous report, if any, and from the date that the company entered administration if there is no previous report, until the time that the administrator ceases to act.

(4)

The administrator shall send a copy of the progress report, attached to [FORM 3.1]Form 2.24B, within 1 month of the end of the period covered by the report, to—

(a)

the creditors;

(b)

the court; and

(c)

the registrar of companies.

(5)

The court may, on the administrator’s application, extend the period of 1 month mentioned in paragraph (4) above, or make such other order in respect of the content of the report as it thinks fit.

(6)

If the administrator makes default in complying with this Rule, he is liable to a fine and, for continued contravention, to a daily default fine.

Annotations

Textual amendments

F1: Pt. 2 substituted (15.9.2003) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(2), Sch. 1 para. 9 (with rule 5(2)-(4))