A provisional judicial manager appointed under regulation 124(1)(b) or (2) must—
| (a) |
assume the management and control of the co-operative and recover and take into his possession all the assets of the co-operative; |
| (b) |
convene within 60 days, or such longer period as the registrar may determine at the written request of the provisional judicial manager, joint or separate meetings of the creditors and members of the co-operative for the purposes referred to in regulation 127; |
| (c) |
prepare and lay before the meetings convened under paragraph (b) a report containing— |
| (i) |
an account of the general state of affairs of the co-operative; |
| (ii) |
a statement of the reasons why the co-operative is in financial distress or unable to pay its debts or is probably unable to meet its obligations or has not become or is prevented from becoming a successful concern; |
| (iii) |
a statement of the assets and liabilities of the co-operative; |
| (iv) |
a complete list of creditors of the co-operative, including contingent and prospective creditors, and of the amount and the nature of the claim of each creditor; |
| (v) |
particulars as to the source from which money has been or is to be raised for the purposes of carrying on the business of the co-operative and the conditions on which it must be repaid; and |
| (vi) |
the considered opinion of the provisional judicial manager as to the prospects of the co-operative becoming a successful concern and of the removal of the facts or circumstances which prevent the co-operative from becoming a successful concern. |
Contingency Fees Act, 1997
