Section 212

This section applies if— a receiver stands appointed under section 196 in respect of realisable property (the management receiver), and the court appoints a receiver under section 198 .... The court must order the management receiver to transfer to the other receiver all property held by the management receiver by virtue of the powers conferred on him by section 197. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subsection (2) does not apply to property which the management receiver holds by virtue of the exercise by him of his power under section 197(2)(d). If the management receiver complies with an order under subsection (2) he is discharged— from his appointment under section 196; from any obligation under this Act arising from his appointment. If this section applies the court may make such a consequential or incidental order as it believes is appropriate.

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Source: legislation.gov.uk · retrieved 2026-09-04