| Commentary

55.3 Administrator

| Commentary

55.3 Administrator1

The holder of a floating charge in respect of a company’s property created on or after 15 September 2003 generally no longer has the power to appoint an administrative receiver of the company2. In these circumstances, the floating charge holder will normally expressly provide for the appointment of an administrator.

The holder of a qualifying floating charge3 in respect of the property of a company has a statutory right to appoint an administrator4. A floating charge is a ‘qualifying’ floating charge if created by an instrument that:

  1. 55.3.1

        states that the Insolvency Act 1986 Schedule B1 paragraph 14 applies

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial