Commentary

114 Administrative receiver and other receivers

BANKRUPTCY AND INSOLVENCY (CORPORATE INSOLVENCY) vol 3(3)
| Commentary

114 Administrative receiver and other receivers

| Commentary

114 Administrative receiver and other receivers

On the making of an administration order, an administrative receiver of the company vacates office automatically1. In contrast, any other receiver of a part of the company’s property continues in office unless the administrator requires him to vacate office2. Sections 40 and 59 of the Insolvency Act 1986 impose obligations upon administrative receivers and other receivers to pay preferential creditors in priority to any floating charge assets. Once the office of administrative receiver or other receiver is vacated upon the making of an administration order, he is relieved of

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