28. Extent of this ChapterThis chapter does not apply to receivers appointed under Chapter II of this Part (Scotland).
29. Definitions(1) It is herby declared that, except where the context otherwise requires;30. Disqualification of body corporate from acting as receiver(a) any reference in the Companies Act or this Act to a receiver or manager of the property of a company, or to a receiver of it, includes a receiver or manager, or (as the case may be) a receiver of part only of that property and a receiver only if the income arising from the property or from part of it, and;
(b) any reference in the Companies Act to the appointment of a receiver or manager under powers contained in an instrument includes an appointment made under powers which, by virtue of any enactment, are implied in and have effect as if contained in an instrument.
(2) In this Chapter "administrative receiver" means;
(a) a receiver or manager of the whole (or substantially the whole) of a company's property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities; or
(b) a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the company's property.
31. Disqualification of undischarged bankruptA body corporate is not qualified for appointment as receiver of the property of a company, and any body corporate which acts as such a receiver is liable to a fine.
32. Power for court to appoint official receiverIf a person being an undischarged bankrupt acts as receiver or manager of the property of a company on behalf of debenture holders, he is liable to imprisonment or a fine, or both.
This does not apply to a receiver or a manager acting under an appointment made by the court.
Where the application is made to the court to appoint a receiver on behalf of the debenture holders or other creditors of a company which is being wound up by the court, the official receiver may be appointed.
33. Time from which appointment is effective
Receivers and managers appointed out of court (1) The appointment of a person as a receiver or manager of a company's property under powers contained in an instrument;34. Liability for invalid appointment(a) is of no effect unless it is accepted by that person before the end of the business day next following that on which the instrument of appointment is received by him or on his behalf, and
(b) subject to this, is deemed to be made at the time at which the instrument is so received.
(2) This section applies to the appointment of two or more persons as joint receivers or managers of a company's property under powers contained in an instrument, subject to such modifications as may be prescribed by the rules.
Where the appointment of a person as the receiver or manager of a company's property under powers contained in an instrument is discovered to be invalid (whether by virtue of the invalidity of the instrument or otherwise), the court may order the person by whom or on whose behalf the appointment was made to indemnify the person appointed against any liability which arises solely by reason of the invalidity of the appointment.
35. Application to court for directions(1) A receiver or manager of the property of the company appointed under powers contained in an instrument, or the persons by whom or on whose behalf a receiver or manager has been so appointed, may apply to the court for directions in relation to any particular matter arising in connection with the performance of the functions of the receiver or manager.36. Court's power to fix remuneration(2) On such an application, the court may give such directions, or may make such order declaring the rights of persons before the court or otherwise, as it thinks fit.
(1) The court may, on an application made by the liquidator of a company, by order fix the amount to be paid by way of remuneration to a person who, under powers contained in an instrument, has been appointed receiver or manager of the company's property.37. Liability for contracts, etc.(2) The court's power under subsection (1), where no previous order has been made with respect thereto under the subsection;
(a) extends to fixing the remuneration for any period before the making of the order or the application for it,
(b) is exercisable notwithstanding that the receiver or manager has died or ceased to act before the making of the order or the application, and
(c) where the receiver or manager has been paid or has retained for his remuneration for any period before the making of the order any amount in excess of that so fixed for that period, extends to requiring him or his personal representatives to account for the excess or such part of it as may be specified in the order.
But the power conferred by paragraph (c) shall not be exercised as respects any period before the making of the application for the order under this section, unless in the court's opinion there are special circumstances making it proper for the power to be exercised.
(3) The court may from time to time on an application made either by the liquidator or by the receiver or manager, vary or amend an order made under subsection (1).
(1) A receiver or manager appointed under powers contained in an instrument (other than an administrative receiver) is, to the same extent as if he had been appointed by order of the court;38. Receivership accounts to be delivered to registrar(a) personally liable on any contract entered into by him in performance of his functions (except in so far as the contract otherwise provides) and on any contract of employment adopted by him in the performance of those functions, and
(b) entitled in respect of that liability to indemnity out of the assets.
(2) For those purposes of subsection (1)(a), the receiver or manager is not to be taken to have adopted a contract of employment by reason of anything done or omitted to be done within 14 days after his appointment.
(3) Subsection (1) does not limit any right to indemnity which the receiver or manager would have apart from it, nor limit his liability on contracts entered into without authority, nor confer any right to indemnity in respect of that liability.
(4) Where at any time the receiver or manager so appointed vacates office;
(a) his remuneration and any expenses properly incurred by him, and
(b) any indemnity to which he is entitles out of the assets of the company, shall be charges on and paid out of any property of the company which is in his custody or under his control at that time in priority to any charge or other security held by the person by or on whose behalf he was appointed.
(1) Except in the case of an administrative receiver, every receiver or manager of a company's property who has been appointed under powers contained in an instrument shall deliver to the registrar of companies for registration the requisite accounts of his receipts and payments.(2) The accounts shall be delivered within one month (or such longer periods as the registrar may allow) after the expiration of 12 months from the date of his appointment and of every subsequent period of 6 months, and also within one month after he ceases to act as receiver or manager.
(3) The requisite accounts shall be an abstract in the prescribed form showing;
(a) receipts and payments during the relevant period of 12 or 6 months, or
(b) where the receiver or manager ceases to act, receipts and payments during the period from the end of the period of 12 or 6 months to which the last preceding abstract related (or, if no preceding abstract has been delivered under this section, from the date of his appointment) up to the date of his so ceasing, and the aggregate amount of receipts and payments during all preceding periods since his appointment.
(4) In this section "prescribed" means prescribed by regulations made by statutory instrument by the Secretary of State.
(5) A receiver or manager who makes default in complying with this section is liable to a fine and, for continued contravention, to a daily default fine.