Article 2.1 Receipt of instrument of appointment and acceptance of appointment

(1)

This rule applies where a person is appointed a receiver by the holder of a floating charge under section 51(1) M1 by an instrument of appointment under section 53(1) M2.

(2)

The person's acceptance (which need not be in writing) of the appointment for the purposes of paragraph (a) of section 53(6) must be intimated by the person to the holder of the floating charge or the holder's agent within the period specified in that paragraph.

(3)

The person must, as soon as possible after the person's acceptance of the appointment, endorse a written docquet of acceptance of the appointment on the instrument of appointment.

(4)

The written docquet evidencing receipt of the instrument of appointment required by section 53(6)(b) must also be endorsed on the instrument of appointment.

(5)

The person must, as soon as possible after the person's acceptance of the appointment, deliver a copy of the endorsed instrument of appointment to the holder of the floating charge or the holder's agent.

(6)

Where 2 or more persons are appointed joint receivers—

(a)

where the written docquet evidencing receipt of the instrument of appointment and the written docquet of acceptance of the appointment are endorsed by each of the joint receivers, or 2 or more of them, on the same instrument of appointment, it is the joint receiver who last endorses the joint receiver's written docquets who is required by paragraph (5) to deliver a copy of the instrument of appointment to the holder of the floating charge or the holder's agent; and

(b)

section 53(6) applies subject to the following modifications—

(i)

the appointment of any of the joint receivers is of no effect unless the appointment is accepted by all of them in accordance with section 53(6)(a) and paragraph (2); and

(ii)

the appointment of the persons as joint receivers is deemed to be made on the day on and at the time at which the instrument of appointment is received by the last of them, as evidenced by the written docquet evidencing receipt of the instrument of appointment required by section 53(6)(b) and paragraph (4).

Annotations

Marginal citations

M1: Section 51(1) was amended by S.S.I. 2011/140.
M2: Section 53(1) was amended by the Requirements of Writing (Scotland) Act 1995 (c.7), schedule 4, para. 58(a) and modified by the Scotland Act 1998, schedule 8, paragraph 23, resulting in reference to the Accountant in Bankruptcy as well as the registrar of companies.