Rule 3.39 Report to creditorsF1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rule 4.54(5-CVL) substituted for rule 4.54(5) by Insolvency 2010 Sch. 1 para. 179(5)
rule 3.39(4)(a) words omitted by Insolvency 2010 Sch. 1 para. 137(2)
rule 3.39(4A) inserted by Insolvency 2010 Sch. 1 para. 137(3)
rule 3.39(4)-(5) substituted for rule 2.113(6) by Insolvency 2009 rule 17

(1)

This Rule applies where—

(a)

a receiver (other than an administrative receiver) is appointed by the court or otherwise under a charge which as created was a floating charge; and

(b)

section 176A applies.

(2)

Within 3 months (or such longer period as the court may allow) of the date of his appointment the receiver shall send to creditors, details of whose names and addresses are available to him, notice of his appointment and a report which will include the following matters—

(a)

to the best of the receiver’s knowledge and belief—

(i)

an estimate of the value of the prescribed part (whether or not he proposes to make an application to the court under section 176A(5) or section 176A(3) applies); and

(ii)

an estimate of the value of company’s net property;

(b)

whether, and if so, why, he proposes to make an application to court under section 176A(5); and

(c)

whether he proposes to present a petition for the winding up of the company.

(3)

Nothing in this Rule is to be taken as requiring any such estimate to include any information, the disclosure of which could seriously prejudice the commercial interests of the company. If such information is excluded from the calculation the estimate shall be accompanied by a statement to that effect.

(4)

Where the receiver thinks that it is impracticable to send the report required under paragraph (2) or where full details of the unsecured creditors of the company are not available to him, he may, instead of sending a report as required by this Rule, publish a notice to the same effect in such newspaper as he thinks most appropriate for ensuring that it comes to the notice of the company’s unsecured creditors.

Annotations

Textual amendments

F1: Pt. 3 Ch. 7 inserted (15.9.2003) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(2), Sch. 1 para. 11