The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
This Practice Note addresses what happens in practice after the administrator has come into office, how he is appointed, and what statutory tasks the administrator has to undertake under the Insolvency Act 1986 (IA 1986) and IR 2016 as part of their role as administrator.
There are a number of notice requirements the administrator must undertake immediately upon appointment. These are set out in more detail in Court appointments-the procedure and so are not repeated here.
One of the first tasks for the administrator is to obtain a Statement of Affairs. This is a document which will be filed at Companies House and disclosed to creditors (see IR 2016, SI 2016/1024, rr 3.44–3.45 for partial disclosure), detailing full financial and other particulars of the company, including property, debts, liabilities, creditors, securities etc. This must be compiled and verified under a statement of truth, by one or more of the 'relevant persons', defined under IA 1986, Sch B1, para 47(3), who will be an officer or employee of the company.
The administrator must require the statement of affairs by sending a prescribed notice to the relevant persons, which must contain certain information set out under IR 2016, SI 2016/1024, r 3.30, to which careful attention should be given). See Form r 3.29 AM Notice requiring submission of a statement of
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