- Section 563 of Insolvency Act CAP 53: Announcement of administrator's appointment
(1) As soon as practicable after becoming administrator of a company, the administrator shall comply with subsection (2) and (3).
(2) The administrator shall—
(a) send a notice of the administrator's appointment to the company; and
(b) publish a notice of the administrator's appointment in such...
- Section 564 of Insolvency Act CAP 53: Relevant persons to provide administrator with statement of company's affairs
(1) As soon as practicable after becoming administrator of a company, the administrator shall give notice requiring one or more relevant persons to provide the administrator with a statement of the company's affairs that complies with subsection (2).
(2) A statement complies with this subsection if...
- Section 565 of Insolvency Act CAP 53: Deadline for submitting statement of affairs
(1) The deadline for submitting a statement of financial position is the end of twelve days from and including the day on which the relevant person receives notice of the requirement.
(2) The administrator may—
(a) revoke a requirement under section 564(1); or
(b) extend the deadline specified in...
- Section 566 of Insolvency Act CAP 53: Administrator to make statement setting out administrator's proposals for achieving the purpose of the administration
(1) The administrator of a company shall make a statement setting out proposals for achieving the purpose of administration.
(2) The administrator shall ensure that the proposals—
(a) deal with such matters as may be prescribed by the insolvency regulations for the purposes of this section;...
- Section 567 of Insolvency Act CAP 53: Conduct of creditors' meetings
The person presiding at a creditors' meeting shall ensure that it is conducted in the manner prescribed by the insolvency regulations.
- Section 568 of Insolvency Act CAP 53: Requirement to convene initial creditors' meeting
(1) The administrator shall ensure that each copy of the administrator's statement of proposals sent to a creditor in accordance with section 566(4)(b) is accompanied by an invitation to an initial creditors' meeting to be held—
(a) as soon as is reasonably practicable after the company enters...
- Section 569 of Insolvency Act CAP 53: When administrator is not required to convene meeting
(1) Section 568(1) does not apply if the statement of proposals states that the administrator believes—
(a) that the company has sufficient property to enable each creditor of the company to be paid
in full;
(b) that the company has insufficient property to enable a distribution to be made to...
- Section 570 of Insolvency Act CAP 53: Business to be conducted at initial creditors' meeting and obligation of administrator to report outcome to the Court and others
(1) An initial creditors' meeting to which an administrator's proposals are presented shall consider them and may—
(a) approve them without modification; or
(b) approve them with modifications to which the administrator consents.
(2) As soon as practicable after the initial creditors' meeting has...
- Section 571 of Insolvency Act CAP 53: Administrator's proposals can be revised
(1) This section applies if—
(a) an administrator's proposals have been approved (with or without modification) at an initial creditors' meeting;
(b) the administrator proposes a revision to the proposals; and
(c) the administrator believes that the proposed revision is substantial.
(2) When...
- Section 572 of Insolvency Act CAP 53: Consequences of failure to obtain approval of administrator's proposals
(1) This section applies if an administrator reports to the Court that—
(a) an initial creditors' meeting has failed to approve the administrator's proposals presented to
it; or
(b) a creditors' meeting has failed to approve a revision of the administrator's proposals presented to it.
(2) The...
- Section 573 of Insolvency Act CAP 53: Power of administrator to convene further creditors' meetings
(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 amounting to at least ten percent of the total debts of the company; or
(b) the administrator is directed...
- Section 574 of Insolvency Act CAP 53: Creditors' meeting may establish creditors' committee
(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 administrator—
(a) to appear before the committee at any reasonable time of which the...
- Section 575 of Insolvency Act CAP 53: Creditors' meeting can be conducted by correspondence
(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 and creditors—
(a) as provided by the insolvency regulations; and
(b) subject to any condition...
- Section 576 of Insolvency Act CAP 53: Specific functions of administrator
The administrator of a company has the functions and powers specified in the Fourth Schedule.
- Section 577 of Insolvency Act CAP 53: Power of administrator to remove and appoint directors of company
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).
- Section 578 of Insolvency Act CAP 53: Power of administrator to convene meetings of members and creditors of company
The administrator of a company may convene a meeting of members or creditors of the company.
- Section 579 of Insolvency Act CAP 53: Power of administrator to seek directions from the Court
(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 administration generally.
(2) An administrator shall comply with any directions given to the...
- Section 580 of Insolvency Act CAP 53: General powers of administrator
(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 provision of this Part that expressly permits the administrator to do or not to do a specified act does...
- Section 581 of Insolvency Act CAP 53: Company under administration not to perform management functions without administrator's consent
(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 of subsection (1)—
(a) "management function" means a function or power that could be performed or...
- Section 582 of Insolvency Act CAP 53: Power of administrator to distribute company's assets to creditors
(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 relation to the liquidation of a company.
(3) In the case of a creditor of the company who is...
- Section 583 of Insolvency Act CAP 53: Power of administrators to make special payments in certain cases
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 the purpose of administration.
- Section 584 of Insolvency Act CAP 53: Duty of administrator to assume control of property of company
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.
- Section 585 of Insolvency Act CAP 53: Duty of administrator to manage affairs and property of company
(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 proposals that is made by the administrator and that the administrator does not consider substantial;...
- Section 586 of Insolvency Act CAP 53: Administrator is agent of company
In performing and exercising the administrator's functions and powers under this Part, the administrator of a company acts as its agent.
- 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...
- Section 588 of Insolvency Act CAP 53: Power of administrator to dispose of, and deal with, charged property: non-floating charge
(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 security.
(2) An order under subsection (1) may be made if the Court believes that disposal of the...
- Section 589 of Insolvency Act CAP 53: Power of administrator to dispose of goods that are subject to credit purchase transaction
(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 owner under the agreement were vested in the company.
(2) An order under subsection (1) may be...
- Section 590 of Insolvency Act CAP 53: Protection for secured and preferential creditors
(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 result in a preferential debt of the company being paid otherwise than in priority to its...
- Section 591 of Insolvency Act CAP 53: Administrator's conduct of administration can be challenged
(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 applicant (whether alone or in common with some or all other members or creditors of the company);...
- Section 592 of Insolvency Act CAP 53: Power of the Court to examine conduct of administrator's administration of the company
(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 examination under this section may be held only on the application of— (a) the Official...