Status of companies in receivership
The Companies Registration Office will no longer change the status of a company from “normal” to “receivership” if a company has had a receiver appointed over its assets.
This new practice arises as a result of the Court of Appeal decision in Independent Trustee Company Limited v Registrar of Companies  IECA 274.
Status of assets held on trust in receivership
The Court of Appeal ruled that, where a receiver is appointed to assets owned legally (but not beneficially) by a corporate trustee, the Registrar may not change the status of that company to 'Receivership' as this would be misleading.
This article originally appeared in the Law Society eZine. For more information on the eZine and other online publications, visit the eNewsletters page.