Corporate Insolvency: Advice on Receiverships

Introduction

We have held a register of insolvent companies since 1999 when the Scotland Act placed such business within our jurisdiction. This legislation saw a sharing of responsibility between the Registrar of Companies and us.

As the register is a public record it is important that we receive the correct forms promptly.

This leaflet sets out what is required,when, and by whom. Please send any queries to:

The Monitoring Team
RSB
Accountant in Bankruptcy
PO Box 8313
Irvine
KA12 2AA

Phone: 0845 6126 460
Fax: 0845 6126 470
Email: liquidations@aib.gov.uk
Web: www.aib.gov.uk

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Appointments

There are two kinds of receivership we needto be informed about. The most usual is by the holder of a Floating Charge and the very rare one is by the Court.

There are different forms for the two types and these should besubmitted within 7 days of the appointment.

Floating Charge

Form 1 (Scot)

Court Order

Form 2 (Scot)

Within three months of the Receiver's appointment they should send us details oftheir investigations into the Company's affairs.

Form 3.5 (Scot) &
Report in terms of Section 67(1) of the Insolvency Act 1986

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Accounts

Receivers must produce yearly accountsthroughout the duration of the receivershipand these should be sent to us.

Accounts

Form 3.2 (Scot)

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Finals

At the end of a receivership, we need you to send 2 forms to us within 14 days of the cessation of the appointment or removal of the receiver.

• Form 3 (Scot)
• Form 3.2 (Scot) Final

The final account should run on consecutivelyfrom the previous account until the day of thereceiver's resignation or removal.

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List of Forms

• Form 1 (Scot)*
  Notice of appointment of a Receiver by theHolder of a Floating Charge
• Form 2 (Scot)*
  Notice of appointment of a Receiver by theCourt
• Form 3 (Scot)*
  Notice of the Receiver ceasing to act or of his removal
• Form 3.2 (Scot)
  Receiver's Abstract of Receipts & Payments
• Form 3.3 (Scot)
  Notice of Receiver's Death
• Form 3.4 (Scot)*
  Notice of Authorization to Dispose of SecuredProperty
• Form 3.5 (Scot)*
  Notice of Receiver's Report

* these should be sent to both the Accountant in Bankruptcy and the Registrar of Companies

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Further Information

Further information may be obtained from us at:

Accountant in Bankruptcy
PO Box 8313
Irvine
KA12 2AA
LP - 4 Irvine
E-mail: helpline@aib.gov.uk
Helpline: 0845 7626171
Phone: 0845 6126 460
Fax: 0845 6126 470
(calls charged at local rates)

Disclaimer:

The information given on this page is for general guidance only. It is not a detailed or full statement of law.

© Accountant in Bankruptcy - Updated December 2004