The following Restructuring & Insolvency guidance note Produced in partnership with John Hughes of Shakespeare Martineau LLP provides comprehensive and up to date legal information covering:
This Practice Note covers the roles, powers, duties and liabilities of court-appointed receivers who are appointed pursuant to the Proceeds of Crime Act 2002 or the Drug Trafficking Act 1994. For more explanation on these types of receiverships generally, see Practice Note: Court-appointed receivers—when a court will appoint a receiver and who may be appointed.
A receiver appointed under s 48 Proceeds of Crime Act 2002 (PCA 2002) pursuant to a Restraint Order made under that section can exercise the following powers if they are conferred on the receiver by the court making the order:
taking possession of the property
managing or otherwise dealing with the property
starting, carrying on or defending any legal proceedings in respect of the property
realising so much of the property as is necessary to meet the receiver’s remuneration and expenses.
Receivers appointed under ss 48, 50 and 52 PCA 2002 may enter any premises in England and Wales, by order of the court to:
search for or inspect anything authorised by the court
make or obtain a copy, photograph or other record of anything so authorised
remove anything which the receiver is required or authorised to take possession of in pursuance of an order of the court.
The court may authorise receivers appointed under ss 48, 50 and 52 PCA 2002
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