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Rule 5.31 Supervisor’s accounts and reportsF1

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)
(1)

Where the voluntary arrangement authorises or requires the supervisor—

(a)

to carry on the debtor’s business or to trade on his behalf or in his name, or

(b)

to realise assets of the debtor or (in a case where the debtor is an undischarged bankrupt) belonging to the estate, or

(c)

otherwise to administer or dispose of any funds of the debtor or the estate,

he shall keep accounts and records of his acts and dealings in and in connection with the arrangement, including in particular records of all receipts and payments of money.

(2)

The supervisor shall, not less often than once in every 12 months beginning with the date of his appointment, prepare an abstract of such receipts and payments, and send copies of it, accompanied by his comments on the progress and efficacy of the arrangement, to—

(a)

the court,

(b)

the debtor, and

(c)

all those of the debtor’s creditors who are bound by the arrangement.

  • If in any period of 12 months he has made no payments and had no receipts, he shall at the end of that period send a statement to that effect to all who are specified in sub-paragraphs (a) to (c) above.

(3)

An abstract provided under paragraph (2) shall relate to a period beginning with the date of the supervisor’s appointment or (as the case may be) the day following the end of the last period for which an abstract was prepared under this Rule; and copies of the abstract shall be sent out, as required by paragraph (2), within the 2 months following the end of the period to which the abstract relates.

(4)

If the supervisor is not authorised as mentioned in paragraph (1), he shall, not less often than once in every 12 months beginning with the date of his appointment, send to all those specified in paragraph 2(a) to (c) a report on the progress and efficacy of the voluntary arrangement.

(5)

The court may, on application by the supervisor, vary the dates on which the obligation to send abstracts or reports arises.

Annotations

Textual amendments

F1

Pt. 5 substituted (1.1.2003) by The Insolvency (Amendment) (No. 2) Rules 2002 (S.I. 2002/2712), rule 1(1), Sch. para. 24 (with rule 3(2))