Companies Act 2014 section 434

Resignation of receiver

Section 434 sets out the rules governing how a receiver of a company's property may resign, including notice requirements and the distinction between receivers appointed under an instrument and those appointed by the court.

• A receiver appointed under an instrument must give at least 30 days' prior notice of resignation to charge holders and to the company or its liquidator.
• Notice must be provided to holders of both fixed and floating charges over all or any part of the company's property.
• A court-appointed receiver may only resign with the court's authority, and the court may impose terms and conditions on the resignation.
• Failure to comply with the resignation procedures constitutes a category 4 offence.