Section 194: Obligations of company and directors(cid:3)

194. Obligations of company and directors(cid:3) (1) Where a receiver is appointed in respect of the property of a company, the company and every director of the company shall— (a) within 7 days, make available to the receiver all books, documents and information relating to the property in receivership in the company’s possession or under the company’s control;(cid:3) (b) if required to do so by the receiver, verify by affidavit that the books, documents and information are complete and correct;(cid:3) (c) within 14 days after receipt of the notice of the receiver’s appointment, or such longer period as may be allowed by the Court, make out and submit a statement as to the affairs of the company; and (d) give the receiver such assistance as he may reasonably require; (e) — (2) The receiver shall, within 28 days after receipt of the statement under subsection (1) (c) or such extended period as the Court may allow— (a) lodge with the Director and the Registrar of Companies a copy of the statement and of any comments the receiver sees fit to make on the statement;(cid:3) (b) send to the company a copy of any such comments or, if the receiver does not see fit to make any comment, a notice to that effect; and(cid:3) (c) where the receiver is appointed by or on behalf of debenture holders, send to the debenture holders’ representative a copy of the statement of the receiver’s comments thereon or, if the receiver does not see fit to make any comment, a notice to that effect.(cid:3) (3) The statement as to the affairs of a company required by subsection (1) (c) shall show— (a) the particulars of the company’s assets;(cid:3) I14 – 113 [Issue 9] Insolvency Act (b) debts and liabilities;(cid:3) (c) the names and addresses of its creditors;(cid:3) (d) charges held by them respectively;(cid:3) (e) the dates when the charges were respectively created, (cid:3) and include a statement confirming that payment for PAYE, NPF, Training Levy and the Workfare Programme Fund have been paid on the due dates.(cid:3) (4) The statement shall be submitted in the form of an affidavit by a director and a secretary of the company or by any of the following persons whom the receiver may require— (a) a person who is or has been an officer;(cid:3) (b) a person who has taken part in the formation of the company at any time within one year before the date of the receiver’s appointment;(cid:3) (c) a person who is or has been an employee of the company within that year and is, in the opinion of the receiver, capable of giving the information required; or(cid:3) (d) a person who is or has been within that year an officer of or employee of a corporation which is, or within that year was, an officer of the company to which the statement relates.(cid:3) (5) Any person making a statement shall be allowed and shall be paid by the receiver out of his receipts such costs and expenses incurred in and about the preparation and making of the statement as the receiver may consider reasonable.(cid:3) (6) Any person aggrieved by a decision of the receiver under subsection (5) may, within 10 days, appeal to the Court and the Court, on hearing the appeal, may make such order as it thinks appropriate.(cid:3) (7) On the application of the receiver, the Court may make an order requiring the company or a director of the company to comply with subsection (1).(cid:3) [S. 194 amended by s. 11 (j) of Act 4 of 2017 w.e.f. 20 May 2017.]