Appointment of interim receiver
324.—(1)  The Court may, if it thinks it necessary or expedient for the protection of the debtor’s property, at any time after the making of a bankruptcy application and before making a bankruptcy order, appoint the Official Assignee to be the interim receiver of the debtor’s property or any part of the debtor’s property and direct the Official Assignee to take immediate possession of the same, including any books of accounts and other documents relating to the debtor’s business.
(2)  Where the Court has appointed an interim receiver under subsection (1), no person who is a creditor of the debtor in respect of a debt provable in bankruptcy —
(a)has any remedy against the person or property of the debtor in respect of that debt; or
(b)while the appointment of the interim receiver is in force, may commence or continue any action or other legal proceedings against the debtor in respect of that debt,
except with the permission of the Court and on such terms as the Court may impose.
[Act 25 of 2021 wef 01/04/2022]
(3)  Upon the appointment of an interim receiver under subsection (1), the debtor must —
(a)give to the interim receiver such inventory of the debtor’s property and such other information; and
(b)attend on the interim receiver at such times,
as the interim receiver may for the purpose of carrying out the interim receiver’s functions under this section reasonably require.
(4)  Upon the appointment of an interim receiver under this section, sections 335 and 336 apply, with the necessary modifications, and any reference in those sections to —
(a)the making of a bankruptcy order is to be read as a reference to the appointment of an interim receiver under this section;
(b)the Official Assignee is to be read as a reference to the interim receiver; and
(c)the bankrupt or the bankrupt’s estate is to be read (respectively) as a reference to the debtor or the debtor’s property.
(5)  The Official Assignee ceases to be the interim receiver of a debtor’s property if —
(a)the bankruptcy application made against the debtor is dismissed or withdrawn;
(b)a bankruptcy order is made on the application; or
(c)the Court by order terminates the appointment.