The following Restructuring & Insolvency guidance note Produced in partnership with South Square and BDO LLP provides comprehensive and up to date legal information covering:
The Insolvency (England and Wales) Rules 2016 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions for decision-making are set out in Part 15 of IR 2016 SI 2016/1024. For details of the changes brought about under this Part, please refer to Practice Note: The Insolvency (England and Wales) Rules 2016—Part 15 and 16: Creditors meetings and proxies [Archived] and The Insolvency (England and Wales) Rules 2016—communications [Archived].
Since the reforms introduced by the Enterprise Act 2002 (EnA 2002), the scope of administrative receivership has been much diminished. Such a receiver can no longer be appointed under a qualifying floating charge as defined by the IA 1986, Sch B1 created on or after 15 September 2003 except in a very limited set of circumstances which are of limited general practical importance in this context. To all intents and purposes, a debenture holder will now invariably appoint an administrator (see IA 1986, Sche B1, para 14(2) and IA 1986, ss 72A and 72B – 72H).
The IA 1986 imposes an obligation on certain persons to account to the administrative receiver by means of a statement of affairs. A statement of affairs will show, among other things, prescribed items particularly relating to the company’s assets,
**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