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Sir,
Why do floating charge debenture holder bestowe the special authority of appointing administrator without court order. A privilege that is not even granted to the directors, Members,Fixed float Creditors.I mean the aforementioned stakeholders have more interest still they have to take permission of court whilst floaters don’tHi Sourav,
Your statement is not completely correct. You are right in that under Para 14 of Scedule B1 of the Insolvency Act a Qualifying Floating Charge Holder can appoint an Administrator without court approval (out of court). But so can directors and or the company through its shareholders under Para 22 of Schedule B1 of the Insolvency Act.
Kind regards,
Vijay
So sir does that mean that
1. Floating Charge holders
2. Directors
3. The company itself
Can all these appoint administrator without court approval?And can the creditors appoint or do they need court’s discretion
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