Insolvency Act · s 232

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 232Duties of Executive Manager

(1)

The Executive Manager shall —

(a)

take into his custody or under his control, the property

(wherever situate) to which the company is or appears to be entitled;

(b)

investigate the affairs, business and property of the company;

(c)

as soon as practicable, report to the Minister the results of his investigation in such manner as the Minister may direct;

Insolvency

(d)

as soon as practicable, formulate and present to the Minister his proposals for the future conduct of the affairs, business and property of the company; and

(e)

manage the affairs, business and property of the company.

(2)

The proposals of the Executive Manager may include (without prejudice to the generality of the foregoing) proposals for —

(a)

the removal of the Executive Manager and the return of the company to the control of the directors;

(b)

the appointment of a judicial manager;

(c)

the winding up of the company.