May 2009
Part 8 Other matters - transfers to liquidators/trustees
(Amended February 2012)
Note: Paragraphs 36.108 to 36.120 regarding set-off have been moved from this part to Annex G attached to this chapter, prior to the information contained in these paragraphs being incorporated into Chapter 40.
36.121 Handover of assets to liquidator/trustee
When a liquidator or trustee is appointed in place of the official receiver, the official receiver must immediately do everything necessary to put the new office holder in possession of the assets [Note 1][Note 2]. On taking possession of the assets, the liquidator/trustee shall discharge any balance due to the official receiver on account of:
a) expenses properly incurred by him/her and payable under the Act or the Rules, and
b) any advances made by him/her in respect of the assets, together with interest on such advances at the rate specified in section 17 of the Judgments Act 1838 at the date of the insolvency order.
Alternatively before taking office, the liquidator/trustee may give the official receiver a written undertaking to discharge any sums due out of the first realisations of assets[Note 3][Note 4].
36.122 Official receiver’s charge over assets
If a written undertaking is given to the official receiver, the official receiver has a charge on the assets subject to the payment first of any realisation costs [Note 5]. The liquidator must also discharge any guarantees given by the official receiver for the benefit of the estate and pay all the official receiver's expenses [Note 6][Note 7][Note 8] (see also Chapter 17 Appointment of liquidators and trustees).
36.123 Suspicions of money laundering
(Amended January 2010)
The information in this paragraph (36.123) has been removed.
Information concerning reporting money laundering to SOCA is included in the Enforcement Investigation Guide at Chapter 14. Information at Chapter 9A deals with the Proceeds of Crime Act 2002.
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