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Legal Terms - Administrative Receiver
An individual who, in accordance with the conditions of a debenture that is protected by a floating charge, assumes authority over the entirety (or a significant portion) of a company's assets. With very limited exceptions, the holder of a floating charge is not allowed to appoint an administrative receiver for any floating charge created after 15 September 2003. This is in conformity with the Insolvency Act 1986, as amended by the Enterprise Act 2002.
An individual who, in accordance with the conditions of a debenture that is protected by a floating charge, assumes authority over the entirety (or a significant portion) of a company's assets. With very limited exceptions, the holder of a floating charge is not allowed to appoint an administrative receiver for any floating charge created after 15 September 2003. This is in conformity with the Insolvency Act 1986, as amended by the Enterprise Act 2002.
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