A provisional judicial manager shall-
| a) |
assume the management of the company and recover and reduce into possession all the assets of the company; |
| b) |
within seven days after his appointment lodge with the Registrar, under cover of the prescribed form, a copy of his letter of appointment as provisional judicial manager; and |
| c) |
prepare and lay before the meetings convened under section 429(b)(ii) a report containing- |
| i) |
an account of the general state of the affairs of the company; |
| ii) |
a statement of the reasons why the company is 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 company; |
| iv) |
a complete list of creditors of the company (including contingent and prospective creditors) and of the amount and the nature of the claim of each creditor; |
| v) |
particulars as to the source or sources from which money has been or is to be raised for purposes of carrying on the business of the company; and |
| vi) |
the considered opinion of the provisional judicial manager as to the prospects of the company becoming a successful concern and of the removal of the facts or circumstances which prevent the company from becoming a successful concern. |
Special Investigating Units and Special Tribunals Act, 1996
