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Vijay.
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lokeshdh00
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I am confused between these two terms. Are they two the same or different?
and what are their duties ?
the relevant lecture link is:- https://opentuition.com/acca/lw/company-law-liquidations/
lokeshdh00
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Also, Please tell what is the difference between the administrative receiver, original receiver and Normal receiver.
According to the lecture, I believe the official receiver is the one appointed under “court order”. Also Who will sell all the assets as every receiver does but he is also a provisional liquidator if the court grants liquidation application by the creditor. Am I right about the official receiver?
Vijay
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Hi
So the Official Receiver (works for the Insolvency Service and therefore is a Government employee) is a Court appointed Liquidator. A Special Manager is different in that they usually have a particular expertise and commercial experience. The Court will appoint a Special Manager to help the Liquidator deal with the Liquidation.
Administrative Receiver’s are appointed by Banks with a floating charge but only if they have an old Debenture dating pre 15 September 2003 and they can only deal with general assets like the Stock, Raw materials and book debts. The other Receivers are appointed by Banks with a Fixed charge and can deal with specific assets like Freehold property.
I hope this provides clarity.
Best wishes,
Vijay
lokeshdh00
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