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Paragraph 79 F1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

In paragraph 77(2)(b) “consent” means consent of—

(a)

each secured creditor of the company, and

(b)

if the company has unsecured debts, creditors whose debts amount to more than 50 per cent. of the company's unsecured debts, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.

(2)

But where the administrator has made a statement under paragraph 53(1)(b) “consent” means—

(a)

consent of each secured creditor of the company, or

(b)

if the administrator thinks that a distribution may be made to preferential creditors, consent of—

(i)

each secured creditor of the company, and

(ii)

preferential creditors whose debts amount to more than 50 per cent. of the preferential debts of the company, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.

(3)

Consent for the purposes of paragraph 77(2)(b) may be—

(a)

written, or

(b)

signified at a creditors' meeting.

(4)

An administrator's term of office—

(a)

may be extended by consent only once,

(b)

may not be extended by consent after extension by order of the High Court, and

(c)

may not be extended by consent after expiry.

(5)

Where an administrator's term of office is extended by consent he shall as soon as is reasonably practicable—

(a)

file notice of the extension with the Court, and

(b)

notify the registrar.

(6)

An administrator who fails without reasonable excuse to comply with sub-paragraph (5) commits an offence.

Annotations

Textual amendments

F1

Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)

Notes on Schedule B1

Modifications

C1

Sch. B1 applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 87(1)(2), 93(3), Sch. 10 Pt. 1, Sch. 10 Pt. 2

C2

Sch. B1 applied (with modifications) by S.R. 1995/225, Sch. 2 (as amended (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 36 (with art. 3))

C3

Sch. B1 modified by S.R. 1995/225, art. 6, Sch. 2 (as modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 122(3) (with reg. 108))

C4

Sch. B1 modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 120 (with reg. 108)

C5

Sch. B1 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)