Administrative receivership

A remedy of a secured creditor to allow for the realisation of assets subject to security, which is available in limited exceptional circumstances. Administrative receivership is available to a creditor that holds a floating charge ( www.practicallaw.com/0-107-5773) over the whole (or substantially the whole) of the assets of a company, that was created before 15 September 2003, or that falls within one of a small number of statutory exceptions to the general prohibition on administrative receivership appointments. For floating charges created on or after 15 September 2003 that fall outside the limited statutory exceptions, administrative receivership is no longer available as a remedy. Instead, a creditor with a floating charge over the whole (or substantially the whole) of a company can put the company into administration ( www.practicallaw.com/9-107-6363) by appointing an administrator ( www.practicallaw.com/2-107-6366) .

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