Section 393. Enforcement of duty of receiver or receiver and manager, etc., to make returns

(1) Any receiver or receiver and manager of the property of a company who has defaulted in lodging any return, account or other document or in giving any notice required by law shall make good the default within fourteen days from the service of a notice requiring him to do so by any member or creditor of the company or trustee for the debenture holders.

(2) The Court may, on an application made by the person who has given the notice under subsection (1), make an order directing the receiver or receiver and manager to make good the default within such time as is specified in the order.

(3) If it appears that any receiver or receiver and manager of the property of a company has misapplied or retained or become liable or accountable for any money or property of the company or being guilty of any misfeasance or breach of trust or breach of duty in relation to the company, the Court may, on the application of any creditor or contributory or the liquidator, examine into the conduct of the receiver or receiver and manager and compel the receiver or receiver and manager—

(a) to repay or restore the money or property or any part of the money or property with interest at such rate as the Court thinks just; or

(b) to contribute such sum to the assets of the company by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust or breach of duty as the Court thinks just.

(4) This section shall have effect notwithstanding that the offence is one for which the offender is criminally liable.