Chapter 15 - Procedure for administration Flashcards
Out of court admin appointment Para14 QFC - what are the pre conditions? (5)
- FC must be valid and enforceable
- any prior QFC holder has consented or does not object
- Company is not already in AR, unless AR consents to stand down or voidable charge
- Co. not in liquidation or admin (unless liquidator is appointment or QFC appointing where compulsory)
- No provisional liquidator appointed
Out of court admin appointment Para14 QFC - what is the first step after pre-conditions are met?
Notice of intention to appoint:
- Bank offical completed notice of intention to appoint
- Appointing QFC holder gives 2 business days notice to any prior QFC holder (or obtains consent)
- File in court copy of notice of intention to appoint
Interim moratorium kicks in
Out of court admin appointment Para14 QFC - what notice needs to be given to prior QFC holders for notice of intention to appoint?
2 business days
Out of court admin appointment Para14 QFC - what is the next step after notice of intention to appoint?
Notice of appointment
File in court:
- notice of appointment (3 copies) including stat declaration
-evidence that QFC holder has been given notice (or has given consent)
-administrators statement and consent
Statutory declaration contained within notice of appointment for administration (out of court QFC) must be dated not more than how many days prior to filing?
Stat dec must be dated not more than 5 business days prior to filing of documents
Statutory declaration contained within notice of appointment for administration (out of court QFC) must include what? and be dated within what timeframe?
- Confirms appointor holds QFC
- QFC is enforceable
- Appointment complies with B1 (ie correct notices given etc)
not be dated more than 5 business days prior to filing.
Out of court admin appointment Para14 QFC - what is the final step after notice of intention to appoint and notice of appointment?
Sealing of documentation
Court seals 3 copies of NoA and endorses with date and time of filing.
if QFC can email or fax out of hours and then hand in docs when court next open.
Out of court admin appointment Para22 Directors/Company - what are the pre conditions?
- ALL QFC holders consent (or not object)
- in previous 12 months, no admin order under para22 , no CVA mortarium unless CVA successful
- No AR in office unless consents to stand down or voidable charge
- Company not in Liquidation and no outstanding WU petitions or applications for administration
- COMPANY UNABLE TO PAY ITS DEBTS
Out of court admin appointment Para22 directors/company - what notice needs to be given to prior QFC holders for notice of intention to appoint?
5 business days
If the company has been in administration in the previous 12 months, can an administrator be appointed?
-via a QFC holder
-via director/company
QFC - Yes
Director/Company - No
If the company has a WU petition presented but not yet disposed off (before notice of intention to appoint), can an administrator be appointed?
-via a QFC holder
-via director/company
QFC - Yes
Director/Company - No, but it does not preclude an appointment where petition is presented after the notice of intention has been issued.
If an administration application has been made and not yet disposed off, can an administrator be appointed?
-via a QFC holder
-via director/company
QFC - Yes
Director/company - No
Can QFCH or directors/Company appoint an administrator if company is in liquidation? (voluntary or compulsory)
QFC - No
Directors/company - No
Can QFCH or directors/Company appoint an administrator if an Administrative Receiver if Company is ready in office?
QFCH - No
Director/company - No
Para 22 director/company administration, can the application be emailed/faxed
No
Para 22 director/company administration, what needs to be filed with notice of appointment?
- 3 copies notice of appointment
- Stat dec (directors entitled to make appointment, its in accordance with B1, all QFCH have been given notice and consent
- Administrators statement
Administration - what needs to be included within the administrators statement?
IP consents
Details of prior professional relationships
Stat purpose of administration is likely to be achieved
Para 22 director/company out of court administration- does a resolution need to be passed?
Director - yes valid board resolution authorising appointment
Company - Yes ordinary resolution in GM authorising named shareholders to appoint administrator
Administration - Court appointment - pre conditions
- Not already in administration
- Not in CVL
- Company is insolvent
- order likely to achieve purposes of administration
Can a liquidator of a company in liquidation make an administration application?
Yes - via the court