Detail

Back to Revised Laws of Saint Lucia (2022)

300. Statement of affairs

(1) Where a receiver of the whole, or substantially the whole, of the assets of a company, in this section and section 301 referred to as the “receiver”, is appointed under section 287(3), or under the powers contained in any trust deed, for the benefit of the holders of any debentures of the company secured by a general floating charge, then, subject to this section and section 301—
1. (a) the receiver shall send notice to the company of his or her appointment;
1. (b) within 14 days after receipt of the notice by the company, or such longer period as may be allowed by the receiver, there shall be made out by the company and submitted to the receiver a statement in accordance with section 301 as to the affairs of the company;
1. (c) the receiver shall, within 2 months after receipt of the statement, send—
  1. (i) to the Registrar, and, if the receiver was appointed by the court, to the court, a copy of the statement and of any comments he or she sees fit to make thereon, and, in the case of the Registrar, also a summary of the statement and of his or her comments, if any, thereon,
  1. (ii) to the company, a copy of those comments, or, if the receiver does not see fit to make any comments, a notice to that effect,
  1. (iii) to the trustee of the trust deed, a copy of the statement and those comments, if any, and
  1. (iv) to the holders of all debentures belonging to the same class as the debentures in respect of which he or she was appointed, a copy of that summary.

(2) The receiver shall—
1. (a) within 2 months or such longer period as the court may allow, after the expiration of the period of 12 months from the date of his or her appointment, and after every subsequent period of 12 months; and
1. (b) within 2 months or such longer period as the court may allow after he or she ceases to act as receiver of the assets of the company,

send to the Registrar, to the trustee of the trust deed, and to the holders of all debentures belonging to the same class as the debentures in respect of which the receiver was appointed, an abstract in a form approved by the Registrar.

(3) The abstract shall show—
1. (a) the receiver's receipts and payments during the period of 12 months, or, if the receiver ceases so to act, during the period from the end of the period to which the last preceding abstract related up to the date of his or her so ceasing to act; and
1. (b) the aggregate amounts of his or her receipts and of his or her payments during all preceding periods since his or her appointment.

(4) Subsection (1) does not apply in relation to the appointment of a receiver to act with an existing receiver, or in place of a receiver who dies or ceases to act, except that, where that subsection applies to a receiver who dies or ceases to act before the subsection has been fully complied with, the references in paragraphs (b) and (c) of that subsection to the receiver include, subject to subsection (5), references to his or her successor and to any continuing receiver.

(5) If the company is being wound up, this section and section 301 apply although the receiver and the liquidator are the same person, but with any necessary modifications arising from that fact.

(6) Subsection (2) does not affect the duty of the receiver to render proper accounts of his or her receipts and payments to the persons to whom, and at the times that, he or she is required to do so apart from that subsection.

Previous Next

300. Statement of affairs

1. Short title

2. Interpretation

3. Prohibition

4. Incorporation

5. Formalities

6. Required votes

7. Documentation

8. Certificate of incorporation

9. Effective date

10. Corporate name