4.1. Types of receivership etc.

The types of receivership and the Functions of Receivers and Administrative Receivers are as set out in section 14 (Appointment and Functions of Receivers and Administrative Receivers) of the AIFC Insolvency Regulations.

4.2. Application of Rules to Company with Administrative Receiver

These Rules apply to a Company in Administration as if:

• (a) the Exercise of the Administrative Receiver’s Functions in relation to the Company were the winding up of the Company; and
• (b) all other necessary changes were made.

4.3. Notice of appointment etc.

4.3.1 If a Person is appointed as a Receiver or Administrative Receiver for a Company, the Person must publish once, in the newspaper the Person considers most appropriate for ensuring that it comesto the notice of the Company’s creditors, a notice that includes the following information:

• (a) the registered name of the Company, as at the date of the appointment, and its registered number;
• (b) any other name with which the Company has been registered in the 12 months before that date;
• (c) any name under which the Company has traded at any time in those 12 months, if the name is substantially different from its then registered name;
• (d) the Person’s name and address, and the date of the Person’s appointment;
• (e) the name of the Person by whom the appointment was made;
• (f) the date of the instrument appointing the Person, and a brief description the Person’s Functions under the instrument;
• (g) if the Person is appointed as a Receiver—a brief description of the property of the Company over which the Person is appointed as a Receiver.

4.3.2 If the Company is an Authorised Person, the Person must also immediately notify the AFSA in Writing of the appointment and must not Exercise any of the Person’s Functions as Receiver or Administrative Receiver unless the AFSA as given its prior Written consent to the Exercise of the Functions.

4.4. Requirement to prepare statement of affairs etс.

4.4.1 An Administrative Receiver of a Company may require a statement of the Company’s affairs (the statement of affairs) to be prepared and given to the Administrative Receiver by the Directors of the Company and by the other Persons that the Administrative Receiver considers should be made responsible for the statement of affairs.

4.4.2 If the Administrative Receiver decides to require the statement of affairs to be prepared, the Administrative Receiver must, by notice given to each Director and other Person mentioned in subrule 4.4.1, require them to prepare the statement of affairs, and give it to the Administrative Receiver, within the period specified in the notice.

4.4.3 The statement of affairs prepared under this rule must include particulars of the matters mentioned in Schedule 3 (Required content for statement of affairs).

4.4.4 A Person making or contributing to the statement of affairs must be allowed, and paid by the Administrative Receiver out of the Administrative Receiver’s receipts, any expenses incurred by the Person in doing so that the Administrative Receiver considers reasonable.

4.5. Creditors committee

If a creditors committee is not established under section 22(1) (Creditors committee) of the AIFC Insolvency Regulations for a Company for which an Administrative Receiver is appointed, the Administrative Receiver may appoint a creditors committee for the Company.

4.6. Disposal of charged property

If the Court makes an order under section 18 (Power of Administrative Receiver to dispose of charged property) of the AIFC Insolvency Regulations in relation to property of a Company that is subject to a Security Interest, the Administrative Receiver of the Company must, as soon as possible, give notice of the order to the Person who is the holder of the Security Interest if the Person was not a party to the proceeding in which the order was made.

4.7. Receiver’s duties in relation to Excluded Property etc.

4.7.1 A Receiver or Administrative Receiver of a Company whose assets or liabilities include Excluded Property must comply with any requirements applying to the Company under the AIFC Personal Property Regulations, or any AFSA Rules, in relation to the Excluded Property.

4.7.2 Without limiting subrule 4.7.1, the Receiver or Administrative Receiver must comply with any instruction made under section 37 (Right of Transfer against insolvent Investment Intermediary) of the AIFC Personal Property Regulations.

4.8. Abstracts of receipts and payments by Administrative Receiver

An Administrative Receiver of a Company must prepare an abstract of all receipts and payments as Administrative Receiver, and send it to the Registrar of Companies, the Company and the Person by whom the Administrative Receiver was appointed:

• (a) within 2 months after the end of the period of 12 after the date of the Administrative Receiver’s appointment, and after every subsequent period of 12 months; and
• (b) within 2 months after ceasing to be Administrative Receiver.

4.9. Resignation of Receiver or Administrative Receiver

4.9.1 A Receiver or Administrative Receiver of a Company (the receiver) may resign by giving noticeof the resignation in accordance with this rule.

4.9.2 The notice must be given to each of the following:

• (a) the Person by whom the receiver was appointed;
• (b) the Company or, if it is then in liquidation, its Liquidator;
• (c) if the Company has a creditors committee—the members of the committee.

4.9.3 The notice must specify the date the resignation is to take effect. The date specified must not be earlier than 7 days after the day the notice is given to each of the Persons mentioned in subrule 4.9.2 or, if the notice is given to them on 2 or more different days, the last of those days.