Browse an Act, find a provision and read each section in context.
Browse Acts ↓(1) While a company is under administration, the administrator shall ensure that all business documents issued by or on behalf of the company or the administrator, and all the company's websites, state— (a) the name of the administrator; and (b) that the affairs and property of the company are being…
(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 publ…
(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…
(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 su…
(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; and (b)…
The person presiding at a creditors' meeting shall ensure that it is conducted in the manner prescribed by the insolvency regulations.
(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 admin…
(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…