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Section 56 – The Provincial Insolvency Act,1920

The Provincial Insolvency Act,1920

Section 56. Appointment of receiver

(1) The Court may, at the time of the order of adjudication,. or at any time afterwards, appoint a receiver for the property of the insolvent, and such property shall thereupon vest in such receiver.

(2) Subject to such condition as may be prescribed, the Court may-

(a) Require the receiver to give such security as it thinks fit duly to account for what he shall receive in respect of’ the property; and

(b) By general or special order, fix the amount to be paid as remuneration for the

(3) Where the Court appoints a receiver, it may remove the person in whose possession or custody any such property as aforesaid, is from the possession or custody thereof :

Provided that nothing in that section shall be deemed to authorize the Court to remove from the possession or custody of property any person whom the insolvent has not a present right to remove

(4) Where a receiver appointed under this section-

(a) Fails to submit his accounts at such periods and in such forms as the Court directs, or

(b) Fails to pay the balance due from him thereon as the Court directs, or

(c) Occasions loss to the property by his wilful default or gross negligence, the Court may direct his property to be attached and sold, and may apply the proceeds to make good any balance found to be due form him or any loss so occasioned by him.

(5) The provisions of this section shall apply, so far as may be, to interim receivers appointed under Section 20.

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The Provincial Insolvency Act,1920

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