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255: Other duties of liquidator
or “Liquidator's responsibilities for communication and reporting”
You could also call this:

“Liquidators must disclose conflicts of interest and their plans to manage them”

You need to make an interests statement when you become a liquidator. This statement shows if you have any conflicts of interest in your role. You must tell people about anything that might make it look like you can’t do your job fairly.

In your statement, you need to say if there’s anything that could stop you from being a liquidator or a licensed insolvency practitioner. You also need to explain what the conflict is and how you plan to deal with it.

When you make your first statement, you have to do a thorough check to make sure you include everything. For later statements, you only need to add new information that’s come up since your last statement.

Your interests statement must be written down. You need to put the date on it and sign it yourself.

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Next up: 256: Duties in relation to records

or “Keeping and sharing company records when closing down a business”
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Part 16 Liquidations
Duties, rights, and powers of liquidators

255ARequirements for interests statement

  1. This section sets out the requirements for the interests statement referred to in section 255(2)(c)(ii)(C) and (d)(ii).

  2. The interests statement must disclose—

  3. any circumstance, relationship, or other fact that creates, or could reasonably be perceived as creating, a conflict of interest for the insolvency practitioner in relation to the independence of the insolvency practitioner’s role as the liquidator, including anything that would, but for a court order to the contrary, have disqualified the person—
    1. from being appointed as or acting as the liquidator (see section 280(2)); or
      1. from being a licensed insolvency practitioner; and
      2. the nature of any actual or perceived conflict of interest created by that circumstance, relationship, or other fact; and
        1. how the insolvency practitioner intends to manage any actual or perceived conflict of interest.

          1. In preparing an interests statement for the purposes of section 255(2)(c)(ii)(C), the insolvency practitioner must make any inquiries that are reasonably necessary for ensuring that the interests statement is complete.

          2. In preparing an interests statement for the purposes of section 255(2)(d)(ii), the insolvency practitioner need include only the information required under subsection (2) that relates to circumstances, relationships, or other facts that the insolvency practitioner has become aware of during the period since they last prepared an interests statement.

          3. The interests statement must be in writing and be dated and signed by the insolvency practitioner.

          Notes
          • Section 255A: inserted, on , by section 39 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).