The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:
The administrator’s roles and functions are set out in paragraph 3 of Schedule B1 of the Insolvency Act 1986 (IA 1986). The administrator acts for all creditors, not just the entity that appointed them. They are an officer of the court, whether appointed by the court or otherwise, and therefore have to comply with the duty applicable to officers of the court and act honourably and fairly.
For more guidance on the duties and powers of an administrator, see Practice Note: Roles, powers, functions and duties of an administrator and Commentary: General duties of the administrator: Tolley’s Insolvency Law Service [A5221].
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