115 Powers of administrator

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

115 Powers of administrator

Copyright © 2025 LexisNexis

| Commentary

The administrator of a company may do all such things as may be necessary or expedient for the management of the affairs, business and property of the company. They also have the specific powers set out in Schedule 1 to the Insolvency Act 1986¹. The administrator

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C: ADMINISTRATION

116 Special power to deal with charged property

117 Control of property

118 Control of exercise of administrator’s powers

119 Reports to creditors (progress reports)

120 Receipts and payments account

121 Power to dispose of assets, business and property without holding a creditors’ meeting

122 Misfeasance by administrator

123 Administrator’s obligation

124 Contents of the administrator’s statement

125 Details of pre-administration fees to be included in administrator’s proposal where appropriate

126 Notice of decision procedure

127 Appointment of creditors’ committee

128 When initial creditors’ decision is not required

129 Voting

130 Qualified majority

131 Record of decision

132 Revised proposals by administrator

133 Position under previous law

134 Distribution to creditors

135 Automatic termination of administration after one year