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Receivers


1. What is a receiver?


There are two kinds of receiver and their powers vary according to the terms of their appointment.

An administrative receiver is a receiver or manager of the whole, or substantially the whole, of a limited liability partnership's property who is appointed by or on behalf of the holders of any debentures of the limited liability partnership secured by a floating charge. He or she has the power to sell (or otherwise realise) the assets covered by the floating charge and apply the proceeds to the debt owed to the charge-holder.

Receivers who are not administrative receivers may be appointed in other circumstances. For example, under powers contained in an instrument or document creating a charge over a limited liability partnership's property, a receiver or manager may be appointed until the debt is recovered. These Receivers are appointed under the Law of Property Act 1925.

2. Who gives notice of the receiver's appointment?

The person who appoints the administrative receiver, receiver or manager, or has them appointed under the powers contained in an instrument, is responsible for informing Companies House within seven days of the appointment. An administrative receiver must also publish notice of his or her appointment in the Gazette and in an appropriate newspaper.

When the administrative receiver, receiver or manager ceases to act they must notify Companies House.

3. What must the receiver send to Companies House?

Within three months of appointment, an administrative receiver must make a report to all of the following:

the Registrar;
the limited liability partnership's creditors;
the holders of a floating charge; and
any trustees for secured creditors 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 must demand such a statement and decides who should prepare it.

The report must explain the circumstances of the appointment and the action the administrative receiver is taking. The report must also include a summary of any 'statement of affairs' prepared for the receiver by the officers or employees of the limited liability partnership.

All receivers must send an account of receipts and payments for the first 12 months of receivership to the Registrar, and:
for administrative receivers, at 12-monthly intervals thereafter;
for receivers and managers, at 6-monthly intervals.


4. Which forms should be used?

The appropriate forms are:

Form title
Number
Notice of the appointment of receiver or manager
LL LQO1
Notice of ceasing to act as receiver or manager
LL LQO2
Receiver or manager or administrative receiver's abstract of receipts and payments
3.6
Administrative receiver's report
3.10
Please note: With the exception of Forms LL LQ01 and LL LQ02, these forms are not available from Companies House. They can be obtained from company law stationers or by visiting the Insolvency Service website at www.insolvency.gov.uk/.