administrative receivership
- administrative receivership
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A remedy of a secured creditor to allow for the realisation of assets subject to security. Prior to the Enterprise Act 2002, administrative receivership was available to a creditor who had a floating charge over the whole (or substantially the whole) of the assets of the company. The holder of a floating charge could put the company into administrative receivership by appointing an administrative receiver. Since 15 September 2003, the Enterprise Act 2002 effectively abolished administrative receivership in all but a few limited exceptional circumstances. For floating charges created on or after 15 September 2003, administrative receivership is no longer available as a remedy to enforce that security. Instead, a qualifying floating charge holder can put the company into administration by appointing an administrator using the out-of-court route. The Act does not apply to floating charges created prior to the Act coming into force, however, where such floating charges exist, holders can still appoint an administrative receiver to enforce their security.
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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