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Browse Acts ↓(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 unsecu…
(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 en…
(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 this se…
(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 Court…
(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 by…
(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 administrator i…
(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 specifi…
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 administration generally. (2) An administrator shall comply with any directions given to the adminis…
(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…
(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 exe…
(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 neithe…
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.
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 proposals that is made by the administrator and that the administrator does not consider substantial; and (c…
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 reliance on subsection (1), the holder of the floating charge has the same priority in respect of ac…
(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 pr…
(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 made…
(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 non-preferen…
(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); or (b) t…
(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 Receiver; (b) the ad…
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 office may be extended by consent for a specified period not exceeding six months. (2) An order of the Cour…
(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 administration cannot be achieved in relation to the company; or (ii) the company should not have entered admin…
(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 achieved in relation to the company, the administrator may lodge— (a) with the Court; and (b) with the Regis…
(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 subsection (1) may be made only if it alleges an improper motive— (a) in the case of an administrator ap…
(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 the administrator; or (b) directing the appointment of the administrator to continue to have effect. (2…