Para. 40(1)(a) | Dismissal of pending winding-up petition | |
Para. 41 | Dismissal of administrative or other receiver | |
Para. 42 | Moratorium on insolvency proceedings | Ignore sub-paras. (4) and (5). |
Para. 43 | Moratorium on other legal process | |
Para. 44(1)(a) and (5) | Interim moratorium | |
Para. 46 | Announcement of appointment | Ignore sub-para. (6)(b) and (c). |
Paras. 47 and 48 | Statement of affairs | |
Para. 49 | Administrator’s proposals | (a) The administrator must obtain the approval of the Bank of England to any proposals under sub-para. (1).
(b) Treat the reference in sub-para. (2)(b) to the objective mentioned in para. 3(1)(a) or (b) as a reference to the objective in section 115 of this Act.
(c) Ignore sub-para. (3)(b).
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Para. 59 | General powers | |
Para. 60 and Schedule 1 | General powers | The exercise of powers under Schedule 1 is subject to section 115 of this Act. |
Para. 61 | Directors | |
Para. 62 | Power to call meetings of creditors | |
Para. 63 | Application to court for directions | (a) Before making an application in reliance on this paragraph the FMI administrator must give notice to the Bank of England, which is to be entitled to participate in the proceedings.
(b) In making directions the court must have regard to the objective in section 115 of this Act.
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Para. 64 | Management powers | |
Para. 65 | Distribution to creditors | |
Para. 66 | Payments | |
Para. 67 | Taking custody of property | |
Para. 68 | Management | (a) Ignore sub-paras. (1) and (3).
(b) The Bank of England may apply to the court for the variation or revocation of any directions given by the court.
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Para. 69 | Agency | |
Para. 70 | Floating charges | |
Para. 71 | Fixed charges | |
Para. 72 | Hire-purchase property | |
Para. 73 | Protection for secured and preferential creditors | |
Para. 74 | Challenge to administrator’s conduct | For sub-para. (2) there is to be taken to be substituted—
“(2)Where a company is in FMI administration, a creditor or member of the company may apply to the court claiming that the FMI administrator is conducting himself or herself in a manner preventing the achievement of the objective of the FMI administration as quickly and efficiently as is reasonably practicable.”
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Para. 75 | Misfeasance | In addition to applications that may anyway be made under para. 75, an application may be made by the FMI administrator or the Bank of England. |
Para. 79 | Court ending administration on application of administrator | For sub-paras. (1) to (3) there are to be taken to be substituted—
“(1)On an application made by a person mentioned in sub-paragraph (2), the court may provide for the appointment of an FMI administrator of a company to cease to have effect from a specified time.
(2)The persons who may apply to the court under sub-paragraph (1) are—
(a)the Bank of England;
(b)with the consent of the Bank, the FMI administrator.”
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Para. 84 | Termination: no more assets for distribution | |
Para. 85 | Discharge of administration order | |
Para. 86 | Notice to Companies Registrar of end of administration | |
Para. 87 | Resignation | An FMI administrator may not resign under para. 87 without giving 28 days’ notice of the intention to do so to the Bank of England. |
Para. 88 | Removal | An application for an order removing an FMI administrator from office may be made only by or with the consent of the Bank of England. |
Para. 89 | Disqualification | The notice under sub-para. (2) must be given to the Bank of England. |
Paras. 90 and 91 | Replacement | (a) Para. 91(1) applies as if the only person who could make an application were the Bank of England.
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Para. 98 | Discharge | Ignore sub-paras. (2)(b) and (3). |
Para. 99 | Vacation of office: charges and liabilities | In the application of sub-para. (3), payments may be made only—
(a) in accordance with directions of the Bank of England, and
(b) if the Bank is satisfied that they will not prejudice the objective in section 115 of this Act.
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Paras. 100 to 103 | Joint administrators | An application under para. 103 may be made only by the Bank of England. |
Para. 104 | Validity | |
Para. 106 (and section 430 and Schedule 10) | Fines | |
Paras. 107 to 109 | Extension of time limits | |
Para. 110 | Amendment of provisions about time | An order under para. 110 may amend a provision of the Schedule as it applies by virtue of this Act (whether or not in the same way as it amends the provision as it applies otherwise). |
Para. 111 | Interpretation | |
Paras. 112 to 116 | Scotland | |