Companies Act 2014 section 522

Effect on receiver or provisional liquidator of order appointing examiner

Section 522 deals with what happens to a receiver or provisional liquidator who is already in place when the court appoints an examiner to a company.

• Where a receiver is already appointed, the court may order the receiver to cease acting entirely, or to act only in respect of specified assets, and to hand over all records and details of dealings to the examiner.
• Where a provisional liquidator is already appointed, the court may appoint that person as examiner, appoint someone else as examiner, or direct the provisional liquidator to cease acting and hand over all records and details of dealings to the examiner.
• The court will not order a receiver to stop acting (or limit the receiver's role) or order a provisional liquidator to stop acting unless it is satisfied there is a reasonable prospect of the company surviving as a going concern.
• If an examinership petition is presented after a winding-up petition but before a provisional liquidator is appointed or a winding-up order is made, both petitions must be heard together.