Section 587 of Insolvency Act CAP 53: Power of administrator to dispose of, and deal with, charged property: floating charge
(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 reliance on subsection (1), the holder of the floating charge has the same priority in respect of acquired property as that holder had in respect of the property disposed of.
(3) In subsection (2), "acquired property" means property of the company that directly or indirectly represents the property disposed of.
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- Section 590 - Protection for secured and preferential creditors
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- Section 591 - Administrator's conduct of administration can be challenged
(1) A creditor or member of a company under administration may apply to the Court claiming—
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(1) The Court may examine the conduct of a person who—
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(2) An...
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(1) Despite section 593—
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- Section 595 - Court may terminate administration on application of administrator
(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...
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(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—
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- Section 599 - Procedure for moving from administration to creditors' voluntary liquidation
(1) This section applies if the administrator of a company believes—
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- Section 600 - Moving from administration to dissolution
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- Section 601 - Discharge of administration order if administrator's appointment is terminated
The Court shall discharge an administration order if—
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- Section 603 - Resignation of administrator
(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...
- Section 604 - Court may remove administrator from office
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Sections 607 to 611 apply to an administrator who—
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(b) resigns;
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(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—
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(1) If the administrator of a company was appointed under section 541(2), the directors of the company may replace the administrator.
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(a) with...
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- Section 612 - Court may replace administrator when there is a competing floating charge-holder
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- Section 613 - Creditors' meeting may replace administrator appointed by company or directors
(1) A creditors' meeting may replace an administrator of a company if—
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- Section 614 - Discharge from liability on administrator's vacating office
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(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...
- Section 616 - Joint and concurrent administrators
(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...
- Section 617 - Offences committed by joint administrators
(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...
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(2) If a...
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In this Division—
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(b) the company's website (if any);...
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(b) the approval of a voluntary arrangement in relation to a company has taken effect...
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- Section 636 - Interpretation: Part 2
(1) In this Part—
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This Division has effect with respect to— (a) companies eligible for a moratorium;
(b) the procedure for obtaining such a moratorium;
(c) the effects of such a moratorium; and (d) deleted by Act No....