Security & Collateral · glossary
An insolvency practitioner who takes over a company from its directors, to rescue it or get the best result for its creditors. The Bank can appoint one without going to court, because clause 3.5 makes its floating charge a qualifying one. Its expenses come out of the floating-charge assets first. Debenture §3.5 · Debenture §9.3 · Chapter 3 · Chapter 9
Explained in Chapter 3, Fixed and Floating, of Security & Collateral.
A qualifying floating charge covers all or nearly all of a company's property and says that paragraph 14 applies to it. Its holder may appoint an administrator without going to court. The administrator is the insolvency practitioner who takes over the company from its directors. A lender without such a charge must ask the court.Read Chapter 3, Fixed and Floating →
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