Insolvency Act 1986

Failure to obtain approval of administrator’s proposalsE+W+S

[F155(1)This paragraph applies where an administrator reports to the court that—

(a)an initial creditors’ meeting has failed to approve the administrator’s proposals presented to it, or

(b)a creditors’ meeting has failed to approve a revision of the administrator’s proposals presented to it.

(2)The court may—

(a)provide that the appointment of an administrator shall cease to have effect from a specified time;

(b)adjourn the hearing conditionally or unconditionally;

(c)make an interim order;

(d)make an order on a petition for winding up suspended by virtue of paragraph 40(1)(b);

(e)make any other order (including an order making consequential provision) that the court thinks appropriate.]

Textual Amendments

F1Sch. B1 inserted (15.9.2003) by 2002 c. 40, ss. 248(2), 279, Sch. 16 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

Modifications etc. (not altering text)