Insolvency Rules 2005, Form 145(9) - Notice of Court Order to Dispose of Assets in Receivership Subject to a Security Interest

Summary

This is a statutory form under the BVI Insolvency Act 2003 and Insolvency Rules 2005, used by an administrative receiver to notify a security holder that the court has made an order permitting the receivership company to dispose of certain assets that are subject to that security interest. It is a notice template, not a standalone rule imposing ongoing compliance duties beyond its own completion and delivery.

• Purpose: Formally notifies the holder of a security interest that a court order has been made allowing disposal of company assets subject to that security.
• Who completes it: The administrative receiver of the company in receivership.
• Required contents: Full name and address of the security holder, full name of the company, full name, address and insolvency practitioner licence number of the administrative receiver, the date of the court order, and the presenter's name, address and reference.
• Attachment: A sealed copy of the court order must be attached to the notice.

Key obligations

• The administrative receiver must give notice to the holder of the security interest when a court order is made permitting disposal of secured assets in the receivership.
• A sealed copy of the court order must be attached to the notice sent to the security holder.
• The notice must be signed and dated by the administrative receiver, with printed name included.

Applies to

administrative receivers, companies in receivership, holders of security interests, insolvency practitioners