Companies Act 2014 section 431

Contents of statement to be submitted to receiver

Section 431 sets out what information must be included in the statement of affairs that a company is required to submit to a receiver upon their appointment, who must prepare and verify that statement, and the consequences of failing to comply.

• The statement must detail the company's assets, debts, liabilities, creditor names and addresses, securities held by creditors, and the dates those securities were given, all as at the date of the receiver's appointment.
• The statement must be verified by affidavit (or statutory declaration where the receiver is appointed under an instrument) and submitted by current directors or other specified persons such as officers, founders, or employees connected with the company within the preceding year.
• Reasonable costs and expenses incurred in preparing and verifying the statement are payable by the receiver out of their receipts, with a right of appeal to the court if there is a dispute over what is reasonable.
• Failure to comply with these requirements is a category 3 offence, unless the person can prove to the court that compliance was not possible.