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 Insolvency Act 1986 (IA 1986) sets out what an administrative receiver is as follows:
a receiver or manager of the whole (or substantially the whole) of a company’s property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities, or
a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the company’s property
An administrative receiver shall have all the powers conferred on them by the instrument under which they were appointed and (provided they are not inconsistent with that instrument) those specific powers set out in Schedule 1 of the Insolvency Act 1986.
A person dealing with an administrative receiver in good faith and for value is not concerned to inquire whether they are acting within their powers.
An administrative receiver has the power to dispose of property charged to someone other than their appointer if so approved by the court. The court will need to be satisfied that the disposal (with or without other property) would be likely to promote a more advantageous realisation of the company’s property than would otherwise
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