Commentary on Sections Inventory and balance sheet
75.Section 35(1) applies in any circumstances where a replacement judicial factor has been appointed under section 33(2), (3)(b) or (4), or where a replacement judicial factor has been appointed under section 34(4) provided that the original judicial factor has not been discharged. The new judicial factor and the Accountant are required to agree the inventory and balance sheet for the estate, with effect from the date of appointment of the new judicial factor.
76.Subsection (2) applies if a replacement judicial factor has been appointed under section 34(4) and the outgoing judicial factor has been discharged. A new inventory and balance sheet do not need to be agreed, and the new judicial factor can proceed on the basis of the final inventory and balance sheet of the outgoing judicial factor.