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595.   Duties of receiver as to debtor's estate

Revised Laws of Saint Lucia (2022)

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595.   Duties of receiver as to debtor's estate

(1)   As regards the estate of the debtor, it shall be the duty of the receiver—

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    (a)     pending the appointment of a trustee, to act as interim receiver of the debtor's estate, and where a special manager is not appointed, as manager;

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    (b)     to authorize the special manager to raise money or make advances for the purposes of the estate in any case where, in the interests of the creditors, it appears necessary so to do;

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    (c)     to summon and preside at the first meeting of creditors;

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    (d)     to issue forms of proxy for use at the meeting of creditors;

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    (e)     to report to creditors as to any proposal the debtor may have made with respect to the mode of liquidating his or her affairs;

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    (f)     to advertise the receiving order, the date of the creditor's first meeting and of the debtor's public examination, and such other matters as it may be necessary to advertise;

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    (g)     to act as trustee during any vacancy in the office of trustee.

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    (2)   For the purpose of his or her duties as an interim receiver or manager the receiver shall have the same powers as if he or she were a sequestrator appointed by the Supreme Court, but he or she shall, as far as practicable, consult the wishes of the creditors with respect to the management of the debtor's property, and may for that purpose, if he or she thinks it advisable, summon meetings of the persons claiming to be creditors, and he or she shall not, unless the Court otherwise order, incurr any expense beyond what is requisite for the protection of the debtor's property or the disposing of perishable goods:

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    Provided that when the debtor cannot himself or herself prepare a proper statement of affairs, the receiver may, subject to any prescribed conditions, and at the expense of the estate, employ some person or persons to assist in the preparation of the statement of affairs.

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    (3)   The receiver shall account to the Court and pay over all monies and deal with all securities in such manner as the Court may from time to time direct.

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