[SCHEDULE B1 Administration]
[SCHEDULE B1 Administration]

Nature of administrationParagraphs 1 to 9
Appointment of administrator by courtParagraphs 10 to 13
Appointment of administrator by holder of floating chargeParagraphs 14 to 21
Appointment of administrator by company or directorsParagraphs 22 to 34
Administration application: special casesParagraphs 35 to 39
Effect of administrationParagraphs 40 to 45
Process of administrationParagraphs 46 to 58
Functions of administratorParagraphs 59 to 75
Ending administrationParagraphs 76 to 86
Replacing administratorParagraphs 87 to 99
GeneralParagraphs 100 to 116

1

(1)     For the purposes of this Act “administrator” of a company means a person appointed under this Schedule to manage the company's affairs, business and property.

(2)     For the purposes of this Act—

(a)     a company is “in administration” while the appointment of an administrator of the company has effect,

(b)     a company “enters administration” when the appointment of an administrator takes effect,

(c)     a company ceases to be in administration when the appointment of an administrator of the company ceases to have effect in accordance with this Schedule, and

(d)     a company does not cease to be in administration merely because an administrator vacates office (by reason of resignation, death or otherwise) or is removed from office.

2

A person may be appointed as administrator of a company—

(a)     by administration order of the court under paragraph 10,

(b)     by the holder of a floating charge under paragraph 14, or

(c)     by the company or its directors under paragraph 22.

3

(1)     The administrator of a company must perform his functions with the objective of—

(a)     rescuing the company as a going

Popular documents