97Objective 1: normal administrationU.K.
(1)Objective 1 is to—
(a)rescue the registered provider as a going concern,
(b)achieve a better result for the registered provider's creditors as a whole than would be likely if the registered provider were wound up (without first being in housing administration), or
(c)realise property in order to make a distribution to one or more secured or preferential creditors.
(2)The housing administrator must aim to achieve Objective 1(a) unless the housing administrator thinks—
(a)that it is not reasonably practicable to achieve it, or
(b)that Objective 1(b) would achieve a better result for the registered provider's creditors as a whole.
(3)The housing administrator may aim to achieve Objective 1(c) only if—
(a)the housing administrator thinks that it is not reasonably practicable to achieve Objective 1(a) or (b), and
(b)the housing administrator does not unnecessarily harm the interests of the registered provider's creditors as a whole.
(4)In pursuing Objective 1(a), (b) or (c) the housing administrator must act in the interests of the registered provider's creditors as a whole so far as consistent with that Objective.
Commencement Information
I1S. 97 in force at 5.7.2018 by S.I. 2018/805, reg. 3(a)