Section 560 CAMA 2020
Section 560 Companies and Allied Matters Act is about Special provisions as to statement submitted to receiver. It is under Chapter 19 (Receivers and managers, appointment of receivers and managers) of the Act.
(1) The statements as to the affairs of a company required by section 559, to be submitted to the receiver (or his successor) shall, show as at the date of the receiver’s appointment—
(a) the particulars or the company’s assets, debts and liabilities ;
(b) the names, residences and occupations of its creditors ;
(c) the securities held by the directors respectively ;
(d) the dates when the securities were respectively given ; and
(e) such further or other information as may be prescribed.
(2) The statement shall be submitted, and verified by affidavit of one or more of the persons who are, at the date of the receiver’s appointment, the directors and by the person who is, at that date, the secretary of the company,or by the receiver or his successor, subject to the direction of the court, may require to submit and verify the statement of who—
(a) are or have been officers of the company ;
(b) have taken part in the formation of the company at any time withinone year before the date of the receiver’s appointment ;
(c) are in the employment of the company, or have been in the employment of the company within the year, and are in the opinion of the receiver capable of giving the information required ; or
(d) are or have been within the said year officers of or in the employment of a company which is, or within the said year was, an officer of the company to which the statement relates.
(3) A person making the statement and affidavit is allowed, and shall be paid by the receiver (or his successor) out of his receipts, such costs and expenses incurred in the preparation and making of the statement and affidavit as the receiver or his successor may consider reasonable, subject to an appeal to the Court.
(4) Where the receiver is appointed under the powers contained in any instrument, this section has effect with the substitution for references to the Court of references to the Commission and references to an affidavit, of references to a statutory declaration and in any other case references to the Court is taken as referring to the Court by which the receiver was appointed.
(5) If any person without reasonable excuse makes default in complying with the requirements of this section, he is liable to a penalty as may be prescribed by the Regulation for every day during which the default continues.
(6) References in this section to the receiver’s successor include a continuing receiver or manager.
