Companies House Form 405(2) Notice of Ceasing to act as Receiver or Manager

When a receiver or a manger is appointed, notice must be given to the Registrar at Companies House by the person who appointed them. It is done using form 405(1) Notice of appointment of receiver or manager.

Companies House form 405(1) must be completed within seven days of the person being appointed. An administrative receiver is also required to publish a notice of their appointment in the London Gazette and in a local newspaper.

In general terms receivers liquidate assets or preserve them for the benefit of affected parties. The affected parties can be employees of the insolvent company, creditors or people who have loaned the company money. Receivers have various powers according to the terms that they have been appointed under, and there can be different types of receivers with varying powers. Often they are appointed by the court.

A receiver must send an account of receipts and payments for the first 12 months of receivership. They must also within three months of their appointment, make a report to:

• the Registrar
• the company's creditors
• the holders of a floating charge
• Any trustees for secured creditors of the company.

When a receiver or manager ceases to act they must notify the Registrar using form 405(2) Notice of ceasing to act as receiver or manager.