Credit Union Act 1997

Effect on receiver or provisional liquidator of order appointing examiner.

148

148.— (1) Where, at the time of the presentation of a petition under section 142 with respect to a credit union, a receiver or provisional liquidator stands appointed to the whole or any part of the assets of that credit union, the Court may make such order as it thinks fit, including an order as to any or all of the following matters—

( a) that the receiver or provisional liquidator shall cease to act as such from a date specified by the Court;

( b) that, where a receiver stands appointed, he shall, from a date specified by the Court, act as such only in respect of certain assets specified by the Court;

( c) that, where a provisional liquidator stands appointed, he be appointed as examiner;

( d) directing the receiver or provisional liquidator to deliver all books and documents which relate to the assets of the credit union (or any part thereof) and are in his possession or control, to the examiner within a period to be specified by the Court;

( e) directing the receiver or provisional liquidator to give the examiner full particulars of all his dealings with the assets of the credit union.

(2) In deciding whether to make an order under paragraph (a) or paragraph (b) of subsection (1), the Court shall have regard to whether there is a reasonable prospect of the survival of the credit union as a going concern.

(3) Where the Court makes an order under subsection (1) it may, for the purpose of giving full effect to the order, include such conditions in the order and make such ancillary or other orders as it deems fit.

(4) Where a petition is presented under section 142 in respect of a credit union at a date subsequent to the presentation of a petition for the winding up of that credit union, but before a provisional liquidator has been appointed or an order made for its winding up, both petitions shall be heard together.