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  • Administrative Receivership

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    An Administrative Receiver must be a qualified Insolvency Practitioner and is appointed by the holder of a floating charge, over the whole, or substantially the whole of a company’s property.  The appointment is governed by the detail included in the security documentation, which will set out or limit the office holders’ powers, albeit addition powers derive from the Insolvency Act 1986.

    The purpose of the Administrative Receiver is merely to take control of the company in order to maximise realisations for the appointer, however they also have obligations in relation to other creditors.

    Key facts:

    • Powers are set out in the security documentation and Insolvency Act 1986.
    • There are powers to enforce co-operation from directors.
    • They must pay preferential creditors in priority to floating charge creditors.
    • There is an obligation to deal with employee claims.
    • They are required to submit a report to BERR (a government body) regarding the conduct of the Directors.
    • They act as an Agent of the Company.

    How we can help:

    • We will arrange a free initial consultation with the instructing party.
    • Evaluate the Company’s financial position, provide details of all options available and make bespoke recommendations.
    • Explain the process in detail and the various options surrounding the appointment.
    • Answer any questions and concerns.
    • Assist in the preparation of all appointment documents.
    • Recommend and liaise with legal advisers and agents where necessary.