Q&As

What regulatory responsibilities does an administrator have when acting as the administrator in the insolvency of a pharmaceutical or biotech company that holds marketing authorisations in respect of medicinal products? Does the marketing authorisation transfer to the insolvency practitioner?

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Produced in partnership with Caroline Clarke of RMCSC LTD
Published on LexisPSL on 09/11/2018

The following Life Sciences Q&A produced in partnership with Caroline Clarke of RMCSC LTD provides comprehensive and up to date legal information covering:

  • What regulatory responsibilities does an administrator have when acting as the administrator in the insolvency of a pharmaceutical or biotech company that holds marketing authorisations in respect of medicinal products? Does the marketing authorisation transfer to the insolvency practitioner?

What regulatory responsibilities does an administrator have when acting as the administrator in the insolvency of a pharmaceutical or biotech company that holds marketing authorisations in respect of medicinal products? Does the marketing authorisation transfer to the insolvency practitioner?

The general duties of an administrator are given in Schedule B1, paragraphs 67 and 68 of the Insolvency Act 1986 (IA 1986). An administrator shall take custody of all the property to which they think they are entitled and shall manage the affairs, business and property of the company in accordance with the proposals prepared by the administrator under IA 1986, Sch B1, para 49 and approved by creditors under IA 1986, Sch B1, para 53. The administrator must also comply with any directions from the court and can apply to court for directions under IA 1986, Sch B1, para 63.

IA 1986, Sch B1, para 69 states that the administrator, when carrying out their functions under IA 1986, Sch B1, is an agent of the company.

This Q&A highlights the need for well-written administrator's proposals as, accordingly to the legislation, this is the

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