The Insolvency (Scotland) Amendment Rules 2010

33.  For Rule 1.21 substitute—

1.21    Supervisor’s accounts

(1) This Rule applies where the voluntary arrangement authorises or requires the supervisor—

(a) to carry on the business of the company or trade on its behalf or in its name;

(b) to realise assets of the company; or

(c) otherwise to administer or dispose of any of its funds.

(2) The supervisor must keep accounts and records of the supervisor’s acts and dealings in, and in connection with, the arrangement, including in particular records of all receipts and payments of money.

(3) The supervisor must preserve any accounts and records in paragraph (2) which—

(a) were kept by any other person who has acted as supervisor of the arrangement; and

(b) are in the supervisor’s possession.

1.21A    Supervisor’s reports

(1) Subject to paragraph (2), the supervisor must, in respect of each period of 12 months ending with the anniversary of the commencement of the arrangement, send within 2 months of the end of that period a report on the progress and prospects for the full implementation of the voluntary arrangement to—

(a) the registrar of companies;

(b) the company;

(c) all of the company’s creditors who are bound by the voluntary arrangement of whose address the supervisor is aware;

(d) subject to paragraph (4) below, the members of the company; and

(e) if the company is not in liquidation, the company’s auditors (if any) for the time being.

(2) The supervisor is not required to send a report under paragraph (1), if an obligation to send a final report under Rule 1.23 arises in the period of 2 months mentioned in paragraph (1).

(3) Where the supervisor is authorised or required to do any of the things mentioned in Rule 1.21 (1)(a) to (c), the report required to be sent pursuant to paragraph (1), must include or be accompanied by—

(a) an abstract of receipts and payments required to be recorded by virtue of Rule 1.21(2); or

(b) where there have been no such receipts and payments, a statement to that effect.

(4) The court may, on application by the supervisor, dispense with the sending under this Rule of abstracts or reports to members of the company, either altogether or on the basis that the availability of the abstract or report to members is to be advertised by the supervisor in a specified manner.”.