455. First report by receivers

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

A receiver shall, not later than two months after his appointment, prepare a report on the state of affairs with respect to the property in receivership, including —

(a)

particulars of the assets comprising the property in receivership;

(b)

particulars of the debts and liabilities to be satisfied from the property in receivership;

(c)

the names and addresses of the creditors with an interest in the property in receivership;

(d)

particulars of any encumbrance over the property in receivership held by any creditor, including the date on which it was created;

(e)

particulars of any default by the grantor in making relevant information available; and

(f)

such other information as may be prescribed.

(2)

The report referred to in subsection (1) shall also include details of—

(a)

the events leading up to the appointment of the receiver, so far as the receiver is aware of them ;

(b)

property disposed of and any proposals for the disposal of property in receivership ;

(c)

amounts owing as at the date of appointment, to any person in whose interest the receiver was appointed ;

(d)

amounts owing as at the date of appointment, to creditors of the grantor having preferential claims ;

and

(e)

amounts likely to be available for payment to creditors, other than those referred to in paragraph (c) or paragraph (d).

(3)

A receiver may omit from the report details of any proposals for disposal of the property in receivership, if he considers that their inclusion would materially prejudice the exercise of his functions.

(4)

A receiver who fails to comply with this section shall be guilty of an offence and be liable on conviction to a fine not exceeding fifty thousand rupees.

Read on from s 456

Part XVI