Section 555 CAMA 2020
Section 555 Companies and Allied Matters Act is about Notification to the Commission that a receiver or manager has been appointed. It is under Chapter 19 (Receivers and managers, appointment of receivers and managers) of the Act.
(1) Where a receiver or manager of the property of a company has been appointed, the receiver or manager shall within 14 days give notice of his appointment to the Commission indicating the terms of and remuneration for the appointment, and every invoice, order for goods or business letter issued by or on behalf of the company, receiver, manager or liquidator of the company, being a document on or in which the company’s name appears, shall contain a statement that a receiver or manager has been appointed.
(2) If default is made in complying with this section, the receiver, manager,liquidator or any officer of the company who is in default, authorises or permits the default as the case may be, commits an offence and is liable to a penalty for every day during which the default continues in such amount as the Commission shall specify in its regulations.
