Paragraph 7 Section 131: Statement of affairs of insolvent partnershipI1

Section 131 is modified so as to read as follows:—

“131

(1)

Where the court has, by virtue of article 7 of the Insolvent Partnerships Order 1994, made a winding-up order or appointed a provisional liquidator in respect of an insolvent partnership, the official receiver may require some or all of the persons mentioned in subsection (3) below to make out and submit to him a statement in the prescribed form as to the affairs of the partnership.

(2)

The statement shall be verified by affidavit by the persons required to submit it and shall show—

(a)

particulars of the debts and liabilities of the partnership and of the partnership property;

(b)

the names and addresses of the partnership’s creditors;

(c)

the securities held by them respectively;

(d)

the dates when the securities were respectively given; and

(e)

such further or other information as may be prescribed or as the official receiver may require.

(3)

The persons referred to in subsection (1) are—

(a)

those who are or have been officers of the partnership;

(b)

those who have taken part in the formation of the partnership at any time within one year before the relevant date;

(c)

those who are in the employment of the partnership, or have been in its employment within that year, and are in the official receiver’s opinion capable of giving the information required;

(d)

those who are or have been within that year officers of, or in the employment of, a company which is, or within that year was, an officer of the partnership.

(4)

Where any persons are required under this section to submit a statement of affairs to the official receiver, they shall do so (subject to the next subsection) before the end of the period of 21 days beginning with the day after that on which the prescribed notice of the requirement is given to them by the official receiver.

(5)

The official receiver, if he thinks fit, may—

(a)

at any time release a person from an obligation imposed on him under subsection (1) or (2) above; or

(b)

either when giving the notice mentioned in subsection (4) or subsequently, extend the period so mentioned;

and where the official receiver has refused to exercise a power conferred by this subsection, the court, if it thinks fit, may exercise it.

(6)

In this section—

• “employment” includes employment under a contract for services; and

• “the relevant date” means—

  1. (a)

     in a case where a provisional liquidator is appointed, the date of his appointment; and

  2. (b)

     in a case where no such appointment is made, the date of the winding-up order.

(7)

If a person without reasonable excuse fails to comply with any obligation imposed under this section, he is liable to a fine and, for continued contravention, to a daily default fine.”.