FOURTH SCHEDULE |
Sections 38 and 40 |
Receivers and managers |
Interpretation |
1. In this Schedule —
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Disqualification for appointment as receiver |
Liability of receiver |
3.—(1) Any receiver or other authorised person entering into possession of any assets of a limited liability partnership for the purpose of enforcing any charge is, despite any agreement to the contrary, but without affecting the receiver’s or person’s rights against the limited liability partnership or any other person, liable for debts incurred by the receiver or person in the course of the receivership or possession for services rendered, goods purchased or property hired, leased, used or occupied.
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Power of Court to fix remuneration of receiver or manager |
4.—(1) The Court may, on application by the liquidator of a limited liability partnership, by order fix the amount to be paid by way of remuneration to any person who, under the powers contained in any instrument, has been appointed as receiver or manager of the property of the limited liability partnership.
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Appointment of liquidator as receiver |
5. Where an application is made to the Court to appoint a receiver on behalf of the debenture holders or other creditors of a limited liability partnership which is being wound up by the Court, the liquidator may be appointed as receiver. |
Notification of appointment of receiver or manager |
6.—(1) If any person obtains an order for the appointment of a receiver or manager of the property of a limited liability partnership or appoints such a receiver or manager under any powers contained in any instrument, the person must, within 7 days after the person has obtained the order or made the appointment, lodge notice of the fact with the Registrar.
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Statement that receiver or manager appointed |
7.—(1) Where a receiver or manager of the property of a limited liability partnership has been appointed, every invoice, order for goods or business letter issued by or on behalf of the limited liability partnership or the receiver or manager or the liquidator of the limited liability partnership, being a document on or in which the name of the limited liability partnership appears, must contain a statement immediately following the name of the limited liability partnership that a receiver or manager has been appointed.
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Provisions as to information where receiver or manager appointed |
8.—(1) Where a receiver or manager of the property of a limited liability partnership (called in this paragraph and in paragraph 9 the receiver) is appointed —
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Special provisions as to statement submitted to receiver |
9.—(1) The statement as to the affairs of a limited liability partnership required by paragraph 8 to be submitted to the receiver must show as at the date of the receiver’s appointment the particulars of the limited liability partnership’s assets, debts and liabilities, the names and addresses of its creditors, the securities held by them respectively, the dates when the securities were respectively given and any further or other information that may be prescribed.
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Lodging of accounts of receivers and managers |
10.—(1) Every receiver or manager of the property of a limited liability partnership must —
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Payments of certain debts out of assets subject to floating charge in priority to claims under charge |
11.—(1) Where a receiver is appointed on behalf of the holders of any debentures of a limited liability partnership secured by a floating charge or possession is taken by or on behalf of debenture holders of any property comprised in or subject to a floating charge, then, if the limited liability partnership is not at the time in the course of being wound up, debts which in every winding up are preferential debts and are due by way of wages, salary, retrenchment benefit or ex gratia payment, vacation leave or superannuation or provident fund payments and any amount which in a winding up is payable pursuant to paragraph 76(6) or (8) of the Fifth Schedule must be paid out of any assets coming to the hands of the receiver or other person taking possession in priority to any claim for principal or interest in respect of the debentures and must be paid in the same order of priority as is prescribed by that paragraph in respect of those debts and amounts.
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Enforcement of duty of receiver, etc., to make returns |
12.—(1) If any receiver or manager of the property of a limited liability partnership who is in default in making or lodging any return, account or other document or in giving any notice required by law fails to make good the default within 14 days after the service on the receiver or manager by any partner or creditor of the limited liability partnership or trustee for debenture holders of a notice requiring the receiver or manager to do so, the Court may, on an application made for the purpose by the person who has given the notice, make an order directing the receiver or manager to make good the default within the time specified in the order.
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