Administration—the process post appointment

Published by a LexisNexis Restructuring & Insolvency expert
Practice notes

Administration—the process post appointment

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes
imgtext

This Practice Note addresses what happens in practice after the Administrator has been appointed, and what statutory tasks the administrator has to undertake under the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 in their role as administrator.

There are a number of notice requirements the administrator must undertake immediately upon appointment. The notice requirements depend on the route to appointment, further detail can be found in Practice Notes:

  1. Out-of-court Administration appointments by a company or its directors—the procedure

  2. Out-of-court administration appointments by a QFCH—the procedure, and

  3. Court appointments—the procedure

Where the administrator has completed a pre-pack sale of the business, there are additional regulatory requirements placed on the administrator which are set out in Statement of Insolvency Practice 16. In addition, where a sale is made to connected parties, Statement of Insolvency Practice sets out further requirements. For more information, see Practice Notes: Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administration and Pre-pack administration—connected person sales.

There may be additional requirements

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Key definition:
Administration definition
What does Administration mean?

Administration is a procedure under the Insolvency Act 1986, under which a company in financial difficulties is run by an Administrator as a going concern prior to the implementation of longer-term options such as break-up and sale.

Popular documents