AI Summary of 447. Prosecution of offences committed by officers and members of company
This document outlines the responsibilities of a receiver during the receivership of a company, particularly in relation to reporting offences by past or present officers or members. If a receiver identifies such an offence, they must report it immediately to the Director of Public Prosecutions and the relevant Authority, providing necessary information and access to relevant documents.
Furthermore, if prosecution proceedings are initiated, both the receiver and other associated individuals are obligated to assist. Non-compliance may lead to court directives for compliance, with potential personal cost implications for the receiver if the failure to assist does not stem from insufficient assets.
447. Prosecution of offences committed by officers and members of company
(1) If it appears to the receiver of the property of a company, in the course of the receivership, that any past or present officer, or any member, of the company has been guilty of any offence in relation to the company, the receiver shall forthwith report the matter to the Director of Public Prosecutions.
(2) Where the receiver reports a matter under subsection (1) to the Director of Public Prosecutions, the receiver shall -
(a) provide to the Director of Public Prosecutions such information, relating to the matter in question, as he or she may require, and
(b) give to him or her such access to, and facilities for, inspecting and taking copies of such documents, being documents in the possession or under the control of the receiver and relating to the matter in question, as he or she may require.
(3) Where a foregoing report is made by the receiver, the receiver shall also report the matter to the Authority.
(4) Where a matter is reported by the receiver under subsection (3) to the Authority, the receiver shall -