The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
The role, powers and duties of an appointed administrator are set out in the Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. While the Enterprise Act 2002 significantly amended the old administration regime, the administrators' powers and duties under the old regime were not overruled entirely. They still apply to all administrations pre-September 2003, and to administrations of certain entities (set out under the Enterprise Act 2000, s 249), such as building societies, rail companies etc. Consequently, the administrator's powers and duties are set out both in Sections 14–27 (the old regime) and Sch B1 paras 45-58 (duties) and 59-80 (powers) of the amended Act. This Practice Note focusses on the new regime only.Enterprise Act 2002 (EA 2002) EnA 2002, s 249Insolvency Act 1986 (IA 1986) IA 1986, ss 14–27 and Sch B1 paras 45–90IR 2016, SI 2016/1024
This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For further details of the impact on the Recast Regulation on Insolvency, see Practice Note: Brexit—impact on Recast Regulation on Insolvency. In particular, for the impact on administrations, see Practice Note: Brexit—impact on administration.
We will continue to monitor developments in this respect and throughout the negotiation period and beyond. In the meantime, for further reading on the impact of Brexit and related issues facing lawyers in this area, see Practice Note: Brexit—worst case scenarios for R&I lawyers.
For updates and details of other Brexit related developments and legislation, see Practice Note: Brexit SI tracker for R&I practitioners. For access to related documents
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