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General insolvency information
Voluntary arrangements
'In administration' and 'administration orders'
Receivers
Voluntary liquidation
Quality of documents
Further information


Receivers


1. What is a receiver?

Appointed by or on behalf of the holder of a floating charge, a receiver has the power to sell or otherwise realise the charged assets of the limited liability partnership in an attempt to repay the debt owed to the charge-holder.

2. Who tells the Registrar and Accountant in Bankruptcy (AIB) that a receiver has been appointed?

Within seven days of the appointment, the person who appoints the receiver must deliver notice to the Registrar and AIB. When the receiver ceases to act, the holder of the floating charge must deliver notice to the Registrar and AIB within 14 days.

3. What document must the receiver send?

Within 3 months of his appointment, the receiver must deliver a report to the AIB with copies to:

the limited liability partnership's creditors;
the holders of a floating charge; and
any trustees for secured creditors of the limited liability partnership.
The report must:
explain the circumstances leading to the appointment of the receiver;
give information about any action being taken by the receiver;
include a summary of the statement of affairs prepared for the receiver by the officers or employees of the limited liability partnership.
Statement of affairs
This is a summary of the limited liability partnership's assets, liabilities and creditors. The administrative receiver decides whether it is required and who should prepare it.

Within two months of the anniversary of the appointment, the receiver must send the AIB an account of receipts and payments covering the first 12 months of receivership and for every 12 months thereafter.

4. Which forms should be used?

The appropriate forms are:

Form title Number
Notice of the appointment of receiver by a holder of a floating charge 1 (Scot)
Notice of the appointment of a receiver by the court 2 (Scot)
Notice of the receiver ceasing to act or of his removal 3 (Scot)
Receiver's abstract of receipts and payments *3.2 (Scot)
Notice of receiver's report 3.5 (Scot)
* Form 3.2 (Scot) is lodged with AIB not Companies House