The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
The administration process is impacted by the decision of the UK on 23 June 2016 to leave the EU. Both the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 are amended by the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146. For further reading, see Practice Note: Brexit—impact on administration and Overview: Brexit: Restructuring & Insolvency.
This Practice Note covers:
the out-of-court procedure for an appointment by a qualifying floating charge holder (QFCH), and
the documents that will be required to make the appointment
IA 1986, Sch B1 was introduced by way of the Enterprise Act 2002, bringing in a wholly new corporate administration procedure. This key change brought about a simplification of the process and allowed for an out-of-court procedure in certain circumstances.
The main provisions dealing with administrator appointments by a QFCH using the out-of-court route are set out in IA 1986, Sch B1, paras 14–21 and IR 2016, SI 2016/1024, rr 3.16–3.22 and is broadly made up of three steps:
Notice of intention to appoint
Notice of appointment
For details of who is entitled to use this procedure and when it may be applied, see Practice Note: Out-of-court appointments—who can apply and in what circumstances? For a full checklist of the procedure,
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