PART 4RECEIVERSHIP
CHAPTER 3Non-administrative receivers and the prescribed part
Report to creditors4
1
Within three months (or such longer period as the court may allow) of the date of the appointment, the receiver must deliver to the creditors—
a
a notice of the appointment; and
b
a report.
2
The report must contain estimates to the best of the receiver's knowledge and belief of—
a
the value of the prescribed part (whether or not the receiver might be required under section 176A to make the prescribed part available for the satisfaction of unsecured debts); and
b
the value of company's net property (as defined by section 176A(6)).
3
The receiver may exclude from an estimate under paragraph (2) information the disclosure of which could seriously prejudice the commercial interests of the company.
4
If the exclusion of such information affects the calculation of an estimate, the report must say so.
5
If the receiver proposes to make an application to court under section 176A(5) the report must say so and give the reason for the application.
6
The report must also state whether, and if so why, the receiver proposes to present a petition for the winding up of the company.
7
The receiver may, instead of delivering the report under paragraph (1), cause a notice to be gazetted and may advertise that notice in such other manner as the receiver thinks fit where—
a
full details of the unsecured creditors of the company are not available to the receiver; or
b
the receiver thinks it is otherwise impracticable to deliver such a report.
8
A notice under paragraph (7) must contain the matters required to be included in the receiver's report.