Companies Act 2014 section 445

Court may end or limit receivership on application of liquidator

Section 445 deals with the power of the court to end or restrict a receivership when a liquidator has been appointed to wind up the company.

• A liquidator (other than in a members' voluntary winding up) may apply to court to end or limit a receivership over the company's property
• The court can order the receiver to stop acting entirely, or to continue acting only in respect of certain specified assets
• The receiver and the person who appointed them must be served with the application at least 7 days before the hearing and are entitled to be heard
• Any order made does not affect existing security or charges over the company's property, except to the extent the order specifically limits or terminates the receiver's role