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Amendment of section 316 of the Principal Act.
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171.—Section 316 of the Principal Act is hereby amended by the substitution for subsection (1) of the following subsections—
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“(1) Where a receiver of the property of a company is appointed under the powers contained in any instrument, any of the following persons may apply to the court for directions in relation to any matter in connection with the performance or otherwise by the receiver of his functions, that is to say—
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(a) (i) the receiver;
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(ii) an officer of the company;
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(iii) a member of the company;
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(iv) employees of the company comprising at least half in number of the persons employed in a full-time capacity by the company;
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(v) a creditor of the company; and
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(b) (i) a liquidator;
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(ii) a contributory;
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and on any such application, the court may give such directions, or make such order declaring the rights of persons before the court or otherwise, as the court thinks just.
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(1A) An application to the court under subsection (1), except an application under paragraph (a) (i) of that subsection, shall be supported by such evidence that the applicant is being unfairly prejudiced by any actual or proposed action or omission of the receiver as the court may require.
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(1B) For the purposes of subsection (1), ‘creditor’ means one or more creditors to whom the company is indebted by more, in aggregate, than £10,000.”.
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