Version Superseded: 06/04/2013
Point in time view as at 26/03/2001. This version of this provision has been superseded.
Insolvency Act 1986, Section 54 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)Application for the appointment of a receiver by the court under section 51(2) shall be by petition to the court, which shall be served on the company.
(2)On such an application, the court shall, if it thinks fit, issue an interlocutor making the appointment of the receiver.
(3)A copy (certified by the clerk of the court to be a correct copy) of the court’s interlocutor making the appointment shall be delivered by or on behalf of the petitioner to the registrar of companies for registration, accompanied by a notice in the prescribed form, within 7 days of the date of the interlocutor or much longer period as the court may allow.
If any person without reasonable excuse makes default in complying with the requirements of this subsection, he is liable to a fine [F1and, for continued contravention, to a daily default fine].
(4)On receipt of the certified copy interlocutor in accordance with subsection (3), the registrar shall, on payment of the prescribed fee, enter the particulars of the appointment in the register of charges.
(5)The receiver is to be regarded as having been appointed on the date of his being appointed by the court.
(6)On the appointment of a receiver under this section, the floating charge by virtue of which he was appointed attaches to the property then subject to the charge; and such attachment has effect as if the charge were a fixed security over the property to which it has attached.
(7)In making rules of court for the purposes of this section, the Court of Session shall have regard to the need for special provision for cases which appear to the court to require to be dealt with as a matter of urgency.
Textual Amendments
F1Words repealed (prosp.) by Companies Act 1989 (c. 40, SIF 27), ss. 107, 212, 213(2), 215(2), Sch. 16 para. 3(3), Sch. 24
Modifications etc. (not altering text)
C1S. 54(1)(2)(3)(5)(6)(7) applied (with modifications) (6.4.2001) by S.S.I. 2001/128, reg. 4(1), Sch. 2
C2S. 54(3) amended (1.7.1999) by 1998 c. 46, s. 125, Sch. 8 para. 23(2)(3); S.I. 1998/3178, art. 2
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