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 the Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) 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: Out-of-court administration appointments by a company or its directors—the procedure, Out-of-court administration appointments by a QFCH—the procedure and Court appointments-the procedure.
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
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234