Companies Act 2014 section 430

Information to be given when receiver is appointed in certain circumstances

Section 430 sets out the information and reporting obligations that arise when a receiver is appointed over all or substantially all of a company's property on behalf of debenture holders secured by a floating charge.

• The receiver must immediately notify the company of their appointment, after which the company must submit a statement of affairs within 14 days; the receiver must then circulate that statement with any comments to the Registrar, the court, the company, debenture trustees and debenture holders within 2 months
• The receiver must file periodic abstracts with the Registrar every 6 months (within 30 days of each period end) and within 7 days of ceasing to act, detailing assets taken possession of, their estimated values, sale proceeds, and all receipts and payments
• On request from a company member, creditor or other prescribed person, the receiver must provide details of their remuneration (or an estimate) within 7 days, and this information may be sent electronically if the recipient has agreed in writing to receive it by email
• When the receiver ceases to act, they must include a solvency opinion with their final abstract, which the Registrar forwards to the Corporate Enforcement Authority; failure to comply with any of these requirements is a category 4 offence