| Commentary

55.2 Administrative receiver

| Commentary

55.2 Administrative receiver1

Trustees or debenture holders who have the benefit of a floating charge created before 15 September 2003 over a company’s property often have the express power to appoint an administrative receiver2. Administrative receivers have extensive statutory powers to deal with a company’s property and in exercising those powers are deemed to be the agent of the company unless and until it goes into liquidation3. The statutory powers are deemed to be included unless they are expressly restricted or modified in the debenture4. In the absence of special circumstances, these provisions normally give the administrative receiver all the

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