Administrative receiver

An insolvency practitioner appointed by a creditor that holds security over all (or substantially all) the assets of a company which, as created, was a floating charge ( www.practicallaw.com/0-107-5773) . An administrative receiver is authorised to take custody of the charged assets, run the company’s business and dispose of the assets, either piecemeal or as part of the sale of the business as a going concern, to satisfy the secured debt. Under the Enterprise Act 2002 (effective from 15 September 2003), administrative receivership ( www.practicallaw.com/4-107-6365) was effectively abolished as a remedy for all floating charges created after the Act, subject to some important but limited exceptions. The Act does not apply to floating charges created prior to the Act coming into force.

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