The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
Before the Insolvency Act 1986 (IA 1986) came into force, the official receiver (OR) had the power under the Companies Act 1985 (CA 1985, s 556, in force at the time) to apply to court for the appointment of a special manager over a company’s business or property. This procedure was used where the OR considered that, because of some special feature of the company’s business or property, it was in the interests of the creditors that a person with a particular expertise be appointed to manage the business or property.
The IA 1986 broadened the scope of the power to appoint a special manager significantly. It is now possible for the application to be made in corporate and personal insolvencies.
Broadly, a special manager is an individual with particular skills or expertise not generally possessed by the relevant office-holder. They are appointed by the court to assist an office-holder to deal with an insolvent person or company’s business or property.
For that reason, a special manager does not need to be—and is often not—an insolvency practitioner. However, in complex cases where a compulsory winding up order is made and the OR appointed, insolvency practitioners may be chosen to act as special managers to support the OR in their functions. By
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This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
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