118Notice to claim receivable property

118 Notice to claim receivable property

118 Notice to claim receivable property

(1) A receiver may give notice to—

(a) the relevant licensee or relevant associate, or

(b) any other person,

that any claim the licensee, associate or other person has to receivable property must be submitted to the receiver within 1 month after the giving of the notice or within such longer period as is stated in the notice.

(2) A claim submitted in response to such a notice must state—

(a) full particulars of the property, and

(b) the grounds of the claim.

(3) A receiver may disregard a claim made by a licensee, a licensee’s associate or any other person who has been given a notice under this section if the claim is not made in accordance with the notice.

(4) The relevant licensee or relevant associate is not entitled—

(a) to enforce a claim to receivable property, or

(b) except against a client—to the benefit of a lien against a document that is receivable property,

unless all other enforceable claims against the property have been satisfied and the expenses of the receivership paid.