AI Summary of 24. Amendment of section 430 of Principal Act
The document amends Section 430 of the Principal Act by revising paragraph (b) of subsection (3) to change the response time from "30 days" to "7 days". Additionally, a new subsection (3A) is introduced to outline the requirements for receivers when responding to requests for information about their remuneration.
Under subsection (3A), receivers must provide specific information regarding their remuneration upon request from designated persons, including company members and creditors, within 7 days. The information may include the remuneration amount or an estimated amount if not practicable to ascertain. Furthermore, it permits electronic communication of this information, contingent on prior written consent for email delivery and the sender retaining a record of the communication.
24. Amendment of section 430 of Principal Act
Section 430 of the Principal Act is amended -
(a) in paragraph (b) of subsection (3), by the substitution of "7 days" for "30 days", and
(b) by the insertion of the following subsection after subsection (3):
(a) The receiver shall, on the request of a person referred to in paragraph (b), send to the person, not later than 7 days after the date of the request, the following information in the prescribed form:
(i) the terms upon which the receiver is entitled to remuneration in accordance with the instrument under which he or she stands appointed, including either -
(I) the amount to be paid by way of remuneration to the receiver in respect of his or her appointment, or
(II) where it is not practicable to ascertain that amount, the estimated amount expected to be paid by way of remuneration to the receiver in respect of his or her appointment,
(ii) where an order of the court is made under section 444, the amount fixed under that order to be paid by way of remuneration to the receiver.
(b) The following persons may make a request for the purposes of paragraph (a):