Companies Act 2014 section 432

Consequences of contravention of section 430(1)(b) or 431

Section 432 deals with the court's power to intervene when a statement of affairs is not submitted to a receiver as required under the Act.

• When a statement of affairs is not submitted to the receiver as required by sections 430 and 431, the court may step in to address the failure.
• Either the receiver or any creditor of the company may apply to the court to seek an order.
• The court has broad discretion to make whatever order it considers appropriate, including compelling compliance with the statement of affairs requirements.
• The court's power to act overrides the provisions of section 431(5), which would otherwise apply.