58.—(1) Where an administrative receiver is appointed, he shall, within 3 months (or such longer period as the High Court may allow) from his appointment, send to the registrar, to any trustees for secured creditors of the company and (so far as he is aware of their addresses) to all such creditors a report as to the following matters, namely—
(a)the events leading up to his appointment, so far as he is aware of them;
(b)the disposal or proposed disposal by him of any property of the company and the carrying on or proposed carrying on by him of any business of the company;
(c)the amounts of principal and interest payable to the debenture holders by whom or on whose behalf he was appointed and the amounts payable to preferential creditors; and
(d)the amount (if any) likely to be available for the payment of other creditors.
(2) The administrative receiver shall also, within 3 months (or such longer period as the High Court may allow) from his appointment, either—
(a)send a copy of the report (so far as he is aware of their addresses) to all unsecured creditors of the company; or
(b)publish in the prescribed manner a notice stating an address to which unsecured creditors of the company should write for copies of the report to be sent to them free of charge,
and (in either case), unless the Court otherwise directs, lay a copy of the report before a meeting of the company’s unsecured creditors summoned for the purpose on not less than 14 days' notice.
(3) The High Court shall not give a direction under paragraph (2) unless—
(a)the report states the intention of the administrative receiver to apply for the direction, and
(b)a copy of the report is sent to the persons mentioned in sub-paragraph (a) of that paragraph, or a notice is published as mentioned in sub-paragraph (b) of that paragraph, not less than 14 days before the hearing of the application.
(4) Where the company has gone or goes into liquidation, the administrative receiver—
(a)shall, within 7 days from his compliance with paragraph (1) or, if later, the nomination or appointment of the liquidator, send a copy of the report to the liquidator, and
(b)where he does so within the time limited for compliance with paragraph (2), is not required to comply with that paragraph.
(5) A report under this Article shall include a summary of the statement of affairs made out and submitted to the administrative receiver under Article 57 and of his comments (if any) upon it.
(6) Nothing in this Article is to be taken as requiring any such report to include any information the disclosure of which would seriously prejudice the carrying out by the administrative receiver of his functions.
(7) Article 56(2) applies for the purposes of this Article also.
(8) If the administrative receiver without reasonable excuse contravenes this Article, he shall be guilty of an offence and, for continued contravention, he shall be guilty of a continuing offence.