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Insolvency > Chapter 17, 18, 19 - Receiverships > Flashcards

Chapter 17, 18, 19 - Receiverships Flashcards

1
Q

Who may act as an Administrative Receiver?
Who may act as a Receiver?

A

AR - Only licensed IPs

Receiver - do not need to be IPs

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2
Q

Within what time frame does a charge need to be registed?

A

within 21 days of its creation

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3
Q

What date does a floating charge need to be created before to have an AR?

A

15 September 2003

exception for after 15.9.23
- Capital market arrangements exceeding £50m
- Large public finance projects where the provider of finance retains ‘step in rights’

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4
Q

AR procedure for appointment - the appointment instrument/documentation must be received and accepted by the AR by when?

A

by the end of the next business day

If acceptance is oral, then it must be confirmed in writing within 5 business days.

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5
Q

In what time frame must the AR notify CH of appointment?

A

within 7 days

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6
Q

In what time frame must the AR notify creditors of appointment?

A

28 days

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7
Q

In what time frame must the AR advertise appointment?

A

as soon as reasonably practicable

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8
Q

Does an appointment of an AR terminate the directors office?

A

No

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9
Q

Can an AR under S236 apply to court for an order that any office holder of the Company appear before court?

A

Yes

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10
Q

What effect does an appointment of AR have on employees?

A

Appointment of AR does not automatically terminate contracts of employment.

AR is personally liable on any contracts of appointment adopted by him.

14 days from appointment

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11
Q

If an AR is appointed can an out of court administration take place?

A

No

The court will only be able to appoint an administrator if the AR appointer consents or the charge under which the AR has been appointed is deemed invalid.

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12
Q

Does an AR have the power to disclaim a lease?

A

No

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13
Q

Does an AR receiver have the power to sell an asset subject to a fixed charge?

A

Yes (apply to court to do so)

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14
Q

Does an AR have power to employee and dismiss employees?

A

Yes

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15
Q

Does an AR have power to borrow money and grant security over assets of the Company?

A

Yes

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16
Q

Can an AR present or defend a petition for the winding up of the company?

A

Yes

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17
Q

Can an AR bring action under:
- directors wrongful/fraudulent trading

A

No

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18
Q

Can an AR bring action under:
- Preferences
- Transactions at undervalue

A

No

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19
Q

Can an AR remove directors from office?

A

No

20
Q

Can an AR pay a dividend to unsecured creditors?

A

No

21
Q

Does the AR have a duty to the company to preserve its goodwill and business?

A

No

22
Q

If AR requests a statement of affairs, how long does nominate person have to prepare it?

A

21 days

23
Q

AR must give notice to invite nominations for membership in creditors committee, such nominations should be received by what date?

A

The date specified in the notice

24
Q

S48 duty - within what time period must an AR prepare a report to creditors after appointment?

A

Within 3 months

25
Q

When does the AR need to supply accounts?

A

Accounts should be submitted within 2 months after the end of 12 months from the date of appointment and every subsequent 12 months.

and within 2 months of ceasing to act

26
Q

Who does the administrative receiver not need to send APR to?
A Registrar of Companies
B Person by Whom he was appointed
C Supervisor of CVA
D Members of the creditors committee

A

C Supervisor of CVA

27
Q

Does the AR need to submit a return on the conduct of the directors?

A

Yes

28
Q

When does a Fixed Charge Receiver need to submit accounts?

A

Within 1 month of the expiration of 12 months from date of appointment, and thereafter within 1 month of every 6 months

29
Q

Does a Fixed Charge Receiver need to submit a return on the conduct of the directors?

A

No

30
Q

Does a Fixed Charge Receiver had statutory powers to enforce co-operation?

A

No

31
Q

To whom must an AR give notice of his appointment?

A
  • Gazette
  • May advertise in such other manor as the AR sees fit
  • The Company (ASARP)
  • The Creditors (within 28 days)
32
Q

Following appointment of AR can a ROT supplier seek to recover such goods from the company?

A

Yes

33
Q

Can creditors with the benefit of a court judgement seek to enforce judgment when an AR is in office?

A

Yes

There is no moratorium or statutory protection when AR is in office.

34
Q

Does the AR have statutory powers in S234-236?

A

Yes they can enforce co-operation and obtain possession

35
Q

Within what time frame must the AR give notice of his resignation to Registrar of Companies?

A

Within 14 days

36
Q

Within what time period must the AR send a copy of his final receipts and payments accounts to:
- CH
- The Company
- The appointer
- Creditors committee

A

Within 2 months of ceasing to act

37
Q

Under what section of the act does the AR have a duty to pay preferential creditors?

A

S40

38
Q

Who is the Administrative Receiver an agent of?

A

The Company

39
Q

Does the Administrative Receiver do the prescribed part?

A

No

40
Q

Part1A Moratorium - what is the IP called when appointed?

A

Monitor

41
Q

If a company is in administration, can an AR be appointed?

A

No

42
Q

Does the amount owed need to be included within the notice of appointment for an administrative receiver?

A

No

43
Q

Does a brief description of any assets of the company that the person appointed has not been made receiver need to be included within the notice of appointment for an administrative receiver?

A

Yes

44
Q

Does a fixed charge receiver by Law of Property Act 1925 have power to demand and recover rent due?

A

Yes

45
Q

Does a fixed charge receiver by Law of Property Act 1925 have power to take possession and sell?

A

No

46
Q

Does a fixed charge receiver by Law of Property Act 1925 have power to enforce co-operation?

A

No

Insolvency (23 decks)

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