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Browse Acts ↓(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 aside for the creditor; and (b) if there are any unsecured creditors, that a distribution will be made to…
(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 that effect. (2) On the application of the administrator of a company, the Court may disapply subsectio…
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 registration. (2) On receiving the copy lodged under subsection (1), the Registrar shall register it. (…
(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 resign, the administrator may do so only— (a) in the case of an administrator appointed by the Court,…
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 administrator shall give notice of that fact— (a) in the case of an administrator appointed by administratio…
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 company; (c) the directors of the company; (d) one or more creditors of the company; or (e) if more than one person…
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 each person who is the holder of a qualifying floating charge in respect of the company's property; or (…
(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 the consent of each person who is the holder of a qualifying floating charge in respect of the company…
(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 not taking reasonable steps to make a replacement; or (b) that for another reason it is right for the…
(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 in respect of the company's property may apply to the Court for the administrator to be replaced by…
(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 qualifying floating charge in respect of the company's property. (2) A creditors' meeting may act under s…
(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 administrator. (2) The discharge provided by subsection (1) takes effect— (a) in the case of an adminis…
(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 in subsection (1); and (b) "termination" means the time when the person's appointment as the company's…
(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 administrator of a company; and (b) a reference to the appointment of a person as administrator of a company incl…
(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 reference to the administrator of a company in Division 10 is to all or any of the persons appointed t…
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 combination of them.
(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 company entered administration by administration order, an appointment under subsection (1) may be made…
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 administrator of the company. (2) A period of time period can be extended under this section— (a) m…
(1) A period specified in section 566(5) or 568(1) may be varied in respect of a company by the administrator with consent. (2) In subsection (1), "consent" means— (a) the consent of each secured creditor of the company; and (b) if the company has unsecured debts, the consents of creditors whose deb…
In this Division— "prescribed publication", in relation to a company, means— (a) a newspaper circulating in the area in which the company carries on business; (b) the company's website (if any); or (c) any other publication of a description prescribed by the insolvency regulations for the purposes o…
(1) The directors of a company may make a proposal under this Division to the company and to its creditors for a voluntary arrangement under which the company enters into a composition in satisfaction of its debts or a scheme for arranging its financial affairs. (2) In making such a proposal, the di…
(1) This section applies if the provisional supervisor in respect of a director's proposal is not the liquidator or administrator of the company and the directors do not propose to take steps to obtain a moratorium for the company under Division 2. (2) The provisional supervisor shall, within thirty…
(1) If the provisional supervisor appointed under section 625 is not the liquidator or administrator and has reported to the Court that the meetings referred to in section 626(2) should be convened, that supervisor shall, unless the Court otherwise directs, convene those meetings to be held on the d…
(1) The main purpose of a meeting convened under section 627 is to decide whether to approve the proposal or that proposal with modifications. (2) At the beginning of a creditors' meeting, the meeting shall elect one of their number to be Chairperson of the meeting. (3) At the first meeting of the c…