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Administrative receivership is a procedure in the United Kingdom [note 1] and certain other common law jurisdictions whereby a creditor can enforce security against a company's assets in an effort to obtain repayment of the secured debt.
In voluntary administrative receivership, the administrator is appointed by the company directors. In involuntary administrative receivership, the administrator is appointed by a judicial court. The legal terms for these processes vary from country to country, and the processes may overlap.
A floating charge is a qualifying floating charge if it is expressed to be one, or if the security document purports to give the holder power to appoint an administrator or administrative receiver. The procedure for appointing an administrator under a qualifying floating charge is as follows:
A receivership is a court order to restructure debt, placing control of the company under a receivership. The principals of the company will stay in place and retain their titles, but likely will ...
Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation or receivership following bankruptcy, which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. wind-up order in Australia) or voluntary (sometimes referred to as a shareholders ...
What does receivership mean for Providence Place mall? In a receivership, the court appoints an independent “receiver” or trustee to oversee a troubled company’s business and is given great ...
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Since the introduction of the collective insolvency procedure of Administration in 1986, the legislators have decided to set a shelf life on the administrative receivership or, in Scotland, receivership procedure and it is no longer possible to appoint an administrative receiver or, in Scotland, receiver under security created after 15 ...