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Hello Mr Mike
Hope your doing well : )
I’m a bit confused about the actual role of the Administrative receiver. Also are they only appointed by floating charge holders ? If so , can they be appointed without a court order ?Also , please confirm if what I’ve understood is true –
=> An administrator can be appointed by the Co. (i.e. members through an ordinary resolution), directors or by floating charge holders , with or without a court order ?My understanding is that an administrative receiver is appointed by the floating charge debenture holders to take control over the charged assets and sell them to raise the money necessary to repay those charge holders.
Can they be appointed without a court order? Yes
Not only the company and the floating charge debenture holders but also the board of directors may appoint an administrator without a court order. Additionally, with a court order the creditors can be given the authority to appoint an administrator
OK?
Hello Mr Mike .
Yup , all clear : )
I had to give my law paper yesterday and by God’s grace , was able to clear it . It went fairly well. I am very grateful to open tuition for all the free resources and especially to you Mr Mike for the lectures and for answering all my questions …
Thank You !
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