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What happens during a receivership?

1. Regular reports by receiver

In addition to the first report, a receiver must prepare further reports at the end of each six-month period and at the end of the receivership.  These reports must summarise the state of affairs with respect to the property in receivership as at those dates, and the conduct of the receivership, including all amounts received and paid, during the period to which the report relates.

These reports must cover the items specified in section 24 (2) of the Receiverships Act 1993 (the Act).

 

2. Time limits for filing receivers reports with the registrar

Generally the person who prepared the report must prepare the report within two months after:

  • The date of appointment
  • The end of each period of six months after his or her appointment as receiver,
  • The date on which the receivership ends

 

The receiver must then send or deliver a copy to the Registrar within seven days after preparing the report.

Note | There are provisions in the Act for the Court or the Registrar to extend the time for preparing reports.

 

3. Receiver to report offences committed

A receiver who considers that an offence has been committed that is material to the receivership must report that fact to the Registrar.  Among others, these are offences against the following legislation:

  • Companies Act 1993,
  • Financial Reporting Act 2013,
  • Financial Markets Conduct Act 2013 and
  • Securities Act 1978.

 

Last updated 31 March 2015