Insolvency Act · s 204

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204.
Getting in property of company
(1) This section applies in the case of a company where —
(a) the company enters judicial management;
(b) a receiver is appointed;
(c) the company goes into liquidation; or
(d) a provisional liquidator is appointed, and “office holder” means the judicial manager, receiver, liquidator or provisional liquidator, as the case may be.
(2) Where any person has in his possession or control any property, books, papers or records to which the company appears to be entitled, the
Court may require that person forthwith (or within such period as the Court may direct) to pay, deliver, convey, surrender or transfer the property, books, papers or records to the office holder.
(3) Where the office holder —
(a) seizes or disposes of any property which is not property of the company; and
(b) at the time of seizure or disposal believes, and has reasonable grounds for believing, that he is entitled (whether in pursuance of an order of the Court or otherwise) to seize or dispose of that property, subsection (4) applies.
(4) For the purposes of this section, the office holder —
(a) is not liable to any person in respect of any loss or damage resulting from the seizure or disposal except in so far as that loss or damage is caused by the office holder’s own negligence; and
(b) has a lien on the property, or the proceeds of its sale, for such expenses as were incurred in connection with the seizure or disposal.

Insolvency

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s 204Getting in property of company

(1)

This section applies in the case of a company where —

(a)

the company enters judicial management;

(b)

a receiver is appointed;

(c)

the company goes into liquidation; or

(d)

a provisional liquidator is appointed, and “office holder” means the judicial manager, receiver, liquidator or provisional liquidator, as the case may be.

(2)

Where any person has in his possession or control any property, books, papers or records to which the company appears to be entitled, the

Court may require that person forthwith (or within such period as the Court may direct) to pay, deliver, convey, surrender or transfer the property, books, papers or records to the office holder.

(3)

Where the office holder —

(a)

seizes or disposes of any property which is not property of the company; and

(b)

at the time of seizure or disposal believes, and has reasonable grounds for believing, that he is entitled (whether in pursuance of an order of the Court or otherwise) to seize or dispose of that property, subsection (4) applies.

(4)

For the purposes of this section, the office holder —

(a)

is not liable to any person in respect of any loss or damage resulting from the seizure or disposal except in so far as that loss or damage is caused by the office holder’s own negligence; and

(b)

has a lien on the property, or the proceeds of its sale, for such expenses as were incurred in connection with the seizure or disposal.

Insolvency