| Commentary

159 Phasing out of administrative receivers

| Commentary

159 Phasing out of administrative receivers

One of the main aims of the corporate insolvency provisions of the Enterprise Act 2002 was to replace the power of the holder of a qualifying floating charge1 to appoint an administrative receiver, with a power to appoint an administrator2.These provisions only apply to qualifying floating charges created on or after 15 September 20033. Accordingly, if there is default under a qualifying floating charge on or after that date, but it was created before that date, the debenture-holder has a choice whether he appoints an administrative receiver or an

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