Directors' obligations
Generally, directors have an obligation to assist the external administrator by:
- advising the external administrator of the location of company property and delivering any property in their possession to the external administrator;
- providing the company's books and records to the external administrator (voluntary administration and liquidation) or giving access to the books and records to the external administrator (receivership);
- advising the external administrator of the whereabouts of other company records;
- providing a written report about the company's business, property and financial circumstances within either 5 business days (voluntary administration) or 7 days (liquidation); and
- meeting with, or reporting to, the external administrator to help them with their enquiries.
Directors, officers and other people with relevant books and records also have a responsibility to the company and to creditors and must not obstruct external administrators in carrying out their duties.
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