Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 328

328. (1) Where a receiver of the property or part of the property of a company
is appointed-

   (a)  the receiver shall forthwith serve on the company notice of his
        appointment;

   (b)  there shall, subject to sub-section (2), within 14 days after receipt
        of the notice, be made out and submitted to the receiver in accordance
        with section 329 a statement in the prescribed form as to the affairs
        of the company; and

   (c)  the receiver shall, within one month after receipt of the statement-

        (i)    lodge with the Commission a copy of the statement and of any
               comments he sees fit to make relating to the statement;

        (ii)   send to the company a copy of any such comments, or if he does
               not see fit to make any comment, a notice to that effect; and

        (iii)  where the receiver is appointed by or on behalf of the holders
               of debentures of the company, send to the trustees (if any) for
               those holders, a copy of the statement and the comments (if
               any) lodged with the Commission under sub-paragraph (i).

(2) Where a person is required to submit to a receiver a statement as to the
affairs of a company, he may, whether before or after the expiration of the
period specified in paragraph (1) (b) for the submission of the statement,
apply to the receiver or to the Court for an extension of the period within
which the statement is to be submitted and-

   (a)  where application is made to the receiver-if the receiver believes
        that there are special reasons for so doing, he may, by notice in
        writing to the person, extend that period until a specified date; or

   (b)  where application is made to the Court-if the Court believes that
        there are special reasons for so doing, the Court may, by order,
        extend that period until a specified date.

(3) Where, under sub-section (2), a person is granted an extension of the
period within which a statement as to the affairs of the company is to be
submitted-

   (a)  where the extension is granted by the receiver-the receiver shall
        forthwith lodge with the Commission a copy of the notice given by him
        to the person; or

   (b)  where the extension is granted by the Court-the person to whom the
        extension is granted shall forthwith lodge with the Commission a copy
        of the order of the Court.

(4) Sub-section (1) does not apply in relation to the appointment of a
receiver to act with an existing receiver or in place of a receiver who has
died or ceased to act, except that, where that sub-section applies to a
receiver who dies or ceases to act before that sub-section has been fully
complied with, the references in paragraphs (1) (b) and (c) to the receiver
shall (subject to sub-section (5)) be read as including references to his
successor and to any continuing receiver.

(5) Where the company is being wound up, this section and section 329 apply
notwithstanding that the receiver and the liquidator are the same person, but
with any necessary modifications arising from that fact.

(6) A person who fails to comply with a requirement of this section is guilty
of an offence.