HL Deb 23 October 1985 vol 467 c1209

105 Page 26, line 1, leave out subsections (2) and (3) and insert— '(2) This section does not limit any right to indemnity which the administrative receiver would have apart from it, nor limit his liability on contracts entered into or adopted without authority, nor confer any right to indemnity in respect of that liability.'

108 Clause 37, page 26, line 15, at end insert— '(3) Where at any time an administrative receiver of a company vacates office—

  1. (a) his remuneration and any expenses properly incurred by him; and
  2. (b) any indemnity to which he is entitled out of the assets of the company,
shall be charged on and paid out of any property of the company which is in his custody or under his control at that time in priority to any security held by the person by or on whose behalf he was appointed. (4) Where an administrative receiver of a company vacates office otherwise than by death, he shall, within fourteen days after his vacation of office, send a notice to that effect to the registrar of companies. (5) If an administrative receiver of a company fails to comply with subsection (4) above, he shall be liable on summary conviction to a fine not exceeding one-fifth of the statutory maximum and, for continued contravention, to a daily default fine not exceeding one-fiftieth of the statutory maximum.'