The following Restructuring & Insolvency guidance note Produced in partnership with John Hughes of Shakespeare Martineau LLP provides comprehensive and up to date legal information covering:
The power to appoint an administrative receiver lies with the holder of a floating charge subject to the following:
the charge pursuant to which the administrative receiver is appointed must be a floating charge over the assets or a substantial part of the assets of the company mortgagor
the floating charge needs to be dated before 15 September 2003. The Enterprise Act 2002 abolished the ability to appoint administrative receivers except in the following cases:
pursuant to agreements forming part of a capital market arrangement involving a debt of at least £50 million
appointment of an administrative receiver to a project company of a public-private partnership project with step-in rights
appointment of an administrative receiver to a project company of a utilities project with step-in rights
appointment of an administrative receiver to a project company involved in a financed project with step in-rights
where the company is a private registered provider of social housing or registered as social landlords under the Housing Act 1996
additional exceptions exist in relation to financial market under Insolvency Act 1986 (IA 1986), s 72F, protected railway companies under IA 1986, s 72GA and urban regeneration projects under IA 1986, s 72F
A default must have occurred under the terms of the floating charge.
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