• Section 6: Section 6: Ascertainment and Investigation of Company's Affairs

    • Article 37 - Information to be given by Administrator

      (1) Where an Administrator has been appointed, he shall:
      (A) forthwith send to the Company and publish in an appropriate newspaper or newspapers a notice of his appointment; and
      (B) within 28 days after the making of the order, unless the QFC Court otherwise directs, send such a notice to all creditors of the Company (so far as he is aware of their addresses) or the addresses of their appropriately appointed representatives.
      (2) The Administrator shall also, within 14 days after his appointment, give notice of his appointment to the CRO.

    • Article 38 - Statement of affairs to be submitted to Administrator

      (1) Where an Administrator has been appointed, he shall forthwith require some or all of the persons referred to in Article 38(3) to make out and submit to him a statement in the prescribed form as to the affairs of the Company.
      (2) The statement shall be verified by a statement of truth by the persons required to submit it and shall show:
      (A) particulars of the Company's assets, debts and liabilities;
      (B) the names and addresses of its creditors;
      (C) the Security Interest held by them respectively;
      (D) the dates when the Security Interests were respectively given; and
      (E) such further or other information as may be prescribed.
      (3) The persons referred to in Article 38(1) are:
      (A) those who are or have been officers of the Company;
      (B) those who have taken part in the Company's formation at any time within one year before the date of the Administration Order;
      (C) those who are in the Company's employment or have been in its employment within that year, and are in the Administrator's opinion capable of giving the information required; and
      (D) those who are or have been within that year officers of or in the employment of a body corporate which is, or within that year was, an officer of the Company.
      (4) In this Article "employment" includes employment under a contract for services.
      (5) Where any persons are required under this section to submit a statement of affairs to the Administrator, they shall do so (subject to the next subsection) before the end of the period of 21 days beginning with the day after that on which the prescribed notice of the requirement is given to them by the Administrator.
      (6) The Administrator, if he thinks fit, may:
      (A) at any time release a person from an obligation imposed on him under Article 38
      (1) or (2); or
      (B) either when giving notice under Article 38(5) or subsequently, extend the period so mentioned
      and where the Administrator has refused to exercise a power conferred by this subsection, the QFC Court, if it thinks fit, may exercise it.
      (7) If a person without reasonable excuse fails to comply with any obligation imposed under this section, he commits a contravention and may, subject to an order of the QFC Court, be liable to a financial penalty.