SCHEDULES
F1C1C2C3SCHEDULE B1 ADMINISTRATION
Sch. B1 applied in part (with modifications) (5.10.2004) by Energy Act 2004 (c. 20), ss. 159(1), 198, Sch. 20 Pts. 1-3; S.I. 2004/2575, art. 2(1), Sch. 1
Sch. B1 applied (with modifications) (1.7. 2005) by S.I. 1994/2421, art. 6(1), Sch. 2 (as amended (1.7.2005) by S.I. 2005/1516, arts. 3, 7, Sch. 1 (with art. 2))
Sch. B1: specified provisions applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 93(2)(3), {Sch. 10 Pts. 1, 2}; S.I. 2011/2329, art. 3 (with arts. 4, 5)
PROCESS OF ADMINISTRATION
49Administrator’s proposals
1
The administrator of a company shall make a statement setting out proposals for achieving the purpose of administration.
2
A statement under sub-paragraph (1) must, in particular—
a
deal with such matters as may be prescribed, and
b
where applicable, explain why the administrator thinks that the objective mentioned in paragraph 3(1)(a) or (b) cannot be achieved.
3
Proposals under this paragraph may include—
a
a proposal for a voluntary arrangement under Part I of this Act (although this paragraph is without prejudice to section 4(3));
b
a proposal for a compromise or arrangement to be sanctioned under section 425 of the Companies Act (compromise with creditors or members).
4
The administrator shall send a copy of the statement of his proposals—
a
to the registrar of companies,
b
to every creditor of the company of whose claim and address he is aware, and
c
to every member of the company of whose address he is aware.
5
The administrator shall comply with sub-paragraph (4)—
a
as soon as is reasonably practicable after the company enters administration, and
b
in any event, before the end of the period of eight weeks beginning with the day on which the company enters administration.
6
The administrator shall be taken to comply with sub-paragraph (4)(c) if he publishes in the prescribed manner a notice undertaking to provide a copy of the statement of proposals free of charge to any member of the company who applies in writing to a specified address.
7
An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (5).
8
A period specified in this paragraph may be varied in accordance with paragraph 107.
Sch. 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))