(1)The energy administrator of a company—
(a)is an officer of the court; and
(b)in exercising and performing his powers and duties in relation to the company, is the company’s agent.
(2)The management by the energy administrator of a company of any affairs, business or property of the company must be carried out for the purpose of achieving the objective of the energy administration as quickly and as efficiently as is reasonably practicable.
(3)The energy administrator of a company must exercise and perform his powers and duties in the manner which, so far as it is consistent with the objective of the energy administration to do so, best protects—
(a)the interests of the creditors of the company as a whole; and
(b)subject to those interests, the interests of the members of the company as a whole.
(4)A person is not to be the energy administrator of a company unless he is a person qualified to act as an insolvency practitioner in relation to the company.
(5)Where the court makes an appointment in a case in which two or more persons will be the energy administrator of a company after the appointment, the appointment must set out—
(a)which (if any) of the powers and duties of an energy administrator are to be exercisable or performed only by those persons acting jointly;
(b)the circumstances (if any) in which powers and duties of an energy administrator are to be exercisable, or may be performed, by one of the persons appointed to be the energy administrator, or by particular appointees, acting alone; and
(c)the circumstances (if any) in which things done in relation to one of the persons appointed to be the energy administrator, or in relation to particular appointees, are to be treated as done in relation to all of them.
Modifications etc. (not altering text)
C1Ss. 154-171 modified (1.10.2005) by Energy Administration Rules 2005 (S.I. 2005/2483), rules 1, 184 (with rules 3, 187)
Commencement Information
I1S. 158 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1