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HMRC internal manual

Company Taxation Manual

Particular topics: company winding up etc.: receiver appointed on behalf of debenture holders

Under the provisions of Part III Insolvency Act 1986, a receiver may be appointed on behalf of the holders of any debentures of a company secured by a floating charge. Or, possession may be taken by or on behalf of those debenture holders of any property comprised in or subject to the charge. The provisions are not regarded as requiring recognition by a receiver (or other person) of any liability which at that time has not actually been assessed in making a distribution of assets to the debenture holders. As soon as it is known that a receiver has been appointed or possession taken on behalf of debenture holders, the file is passed to the accounts officer to consider making any other assessments that are required.