Companies Act, 1990

Resignation of receiver.

177.—The Principal Act is hereby amended by the insertion after section 322 of the following section—

“322C.—(1) A receiver of the property of a company appointed under the powers contained in any instrument may resign, provided he has given one month's notice thereof to—

(a) the holders of floating charges over all or any part of the property of the company;

(b) the company or its liquidator; and

(c) the holders of any fixed charge over all or any part of the property of the company.

(2) A receiver appointed by the court may resign only with the authority of the court and on such terms and conditions, if any, as may be laid down by the court.

(3) If any person makes default in complying with the requirements of this section, he shall be liable to a fine not exceeding £1,000.”.