Section 572 of Insolvency Act CAP 53: Consequences of failure to obtain approval of administrator's proposals

(1) The administrator of a company shall convene a creditors' meeting if— (a) in the manner prescribed by the insolvency regulations, it is requested by creditors of the company holding debts...

(1) A creditors' meeting may establish a creditors' committee. (2) A creditors' committee shall perform the functions conferred on it by or under this Act. (3) A creditors' committee may require the...

(1) Any matter or decision that is required or permitted by or under this Part to be dealt with or made at a creditors' meeting may be dealt with or made by correspondence between the administrator...

The administrator of a company has the functions and powers specified in the Fourth Schedule.

The administrator of a company— (a) may remove a director of the company from office; and (b) may appoint a person to be director of the company (whether or not to fill a vacancy).

The administrator of a company may convene a meeting of members or creditors of the company.

(1) On the application of the administrator of a company, the Court may give directions with respect to the performance and exercise of the administrator's functions and powers and the conduct of the...

(1) The administrator of a company may take any action that contributes to, or is likely to contribute to, the effective and efficient management of the affairs and property of the company. (2) A...

(1) A company under administration, or an officer of a company under administration, shall not perform or exercise a management function without the consent of the administrator. (2) For the purpose...

(1) The administrator of a company may make a distribution to creditors of the company. (2) Section 471 and the Second Schedule apply in relation to a distribution under this section as they apply in...

The administrator of a company may make a payment otherwise than in accordance with section 582 or paragraph 13 of the Fourth Schedule if the administrator believes it likely to assist achievement of...

Immediately on being appointed as administrator of a company, the administrator shall assume control of all the property to which the administrator believes the company is entitled.

(1) Subject to subsection (2), the administrator of a company shall manage its affairs and property in accordance with— (a) any proposals approved under section 570; (b) any revision of those...

In performing and exercising the administrator's functions and powers under this Part, the administrator of a company acts as its agent.

(1) The administrator of a company may dispose of, or take action relating to, property that is subject to a floating charge as if it were not subject to the charge. (2) If property is disposed of in...

(1) On the application of the administrator of a company, the Court may make an order enabling the administrator to dispose of property that is subject to a security as if it were not subject to the...

(1) The Court may make an order authorising the administrator of a company to dispose of goods that are in the possession of the company under a credit purchase transaction as if all the rights of the...

(1) An administrator's statement of proposals under section 566 may not include action that— (a) affects the right of a secured creditor of the company to enforce the creditor's security; (b) would...

(1) A creditor or member of a company under administration may apply to the Court claiming— (a) that the administrator is acting or has acted so as to detrimentally affect the interests of the...

(1) The Court may examine the conduct of a person who— (a) is or purports to be the administrator of a company; or (b) has been, or has purported to be, the administrator of a company. (2) An...

The appointment of an administrator automatically ends at the end of twelve months from and including the date on which it took effect.

(1) Despite section 593— (a) on the application of an administrator, the Court may by order extend the administrator's term of office for a specified period; and (b) an administrator's term of...

(1) The administrator of a company shall make an application to the Court for an order terminating the administrator's appointment— (a) on forming the belief that— (i) the objective of the...

(1) This section applies to an administrator of a company who is appointed under section 534 or 541. (2) If the administrator believes that the purpose of administration has been sufficiently...

(1) A creditor of a company that is under administration may make an application to the Court for an order terminating the appointment of an administrator of the company. (2) An application under...

(1) If a liquidation order is made for the liquidation of a company under administration on an application made under section 425, the Court shall make an order— (a) terminating the appointment of...

(1) This section applies if the administrator of a company believes— (a) that the total amount that each secured creditor of the company is likely to receive has been paid to the creditor or set...

(1) On forming the belief that a company that is under administration has no property that might allow a distribution to its creditors, the administrator shall lodge with the Registrar a notice to...

The Court shall discharge an administration order if— (a) it has made an order under this Part terminating an administrator's appointment; and (b) the administrator was appointed by the Court.

(1) Within fourteen days after the Court has made an order under this Part terminating the appointment of an administrator, the administrator shall lodge a copy of the order with the Registrar for...

(1) An administrator may resign only in the circumstances prescribed by the insolvency regulations for the purposes of this section. (2) If a circumstance has arisen that permits an administrator to...

The Court may, by order, remove an administrator from office if satisfied that circumstances exist that make it inappropriate for the administrator to continue in office.

(1) An administrator of a company vacates office if the administrator ceases to be an authorised insolvency practitioner. (2) If an administrator vacates office because of subsection (1), the...

Sections 607 to 611 apply to an administrator who— (a) dies; (b) resigns; (c) is removed from office under section 604; or (d) vacates office under section 605.

(1) Any of the following may make an application under subsection (2) for the replacement of an administrator appointed by the Court— (a) a creditors' committee of the company; (b) the...

If the administrator was appointed under section 534, the holder of the floating charge under which the appointment was made may replace the administrator.

(1) If the administrator of a company was appointed under section 541(1), the company may replace the administrator. (2) A replacement under this section may be made only— (a) with the consent of...

(1) If the administrator of a company was appointed under section 541(2), the directors of the company may replace the administrator. (2) A replacement under this section may be made only— (a) with...

(1) The Court may make an order replacing an administrator on the application of a person by whom an application is made under section 607(1) if the Court— (a) is satisfied that a relevant person is...

(1) If an administrator of a company is appointed under section 534 by the holder of a qualifying floating charge in respect of the company's property, the holder of a prior qualifying floating charge...

(1) A creditors' meeting may replace an administrator of a company if— (a) the administrator has been appointed by the company or its directors under section 541; and (b) there is no holder of a...

(1) If the appointment of a person as the administrator of a company ends (for whatever reason), the administrator is discharged from liability in respect of all acts done or omitted to be done as...

(1) This section applies if a person’s appointment as the administrator of a company has ended for whatever reason. (2) In this section— (a) "the former administrator" means the person referred to...

(1) In this Part— (a) a reference to the appointment of an administrator of a company includes a reference to the appointment of a number of persons to act jointly or concurrently as the...

(1) If two or more persons are appointed to act as joint administrators of a company, a reference to the administrator of the company in this Part is to those persons acting jointly. (2) However, a...

If two or more persons are appointed to act concurrently as the administrator of a company, a reference to the administrator of a company in this Part is to any of the persons appointed or to any...

(1) If a company is under administration, a person may be appointed to act as administrator jointly or concurrently with the person or persons acting as the administrator of the company. (2) If a...

An act of the administrator of a company is valid even if the administrator's appointment or qualification is subsequently found to be defective.

A reference in this Part to act done or omitted to be done by the directors of a company includes the same act done or omitted to be done by a majority of the directors of a company.

(1) If a provision of this Part relating to a company under administration provides that a period can be varied in accordance with this section, the Court may vary the period on the application of the...