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Re: Administration 3 - now in technicolour : Sun Jan 01, 2017 5:42 pm

roger daly wrote:

FA whats significant about the 8 week? Is that the time period it needs to be sorted by?

56.1.77 Duty to make proposals to meet the purpose of the administration

The administrator must make a statement providing details of his/her proposals to achieve the purpose of the administration. The proposals should be made as soon as reasonably practicable within eight weeks of the date of the company entering administration unless the court or creditors allow a longer period [Note 15].

56.1.78 Statement of proposals

The statement of proposals must include, amongst any other matters set out in the Insolvency Rules 1986, the circumstances leading up to the administration, summary statement of affairs, details of how the administrator’s remuneration will be fixed and the objectives of the administration. For companies which enter administration on or after 6 April 2010 the statement must include details of any pre-administration costs charged or incurred (see paragraph 56.1.81 for further information) [Note 16]. The statement of proposals must be sent to the registrar of companies, all known creditors, and all members of the company [Note 17]. The statement of proposals must be presented to the initial meeting of creditors (see paragraph 56.1.83) [Note 18].

56.1.83 Duty to call an initial creditors’ meeting

Each copy of the administrator’s statement of proposals sent to creditors (see paragraph 56.1.78) must be accompanied by an invitation to an initial creditors’ meeting (Form 2.20B), except in the circumstances outlined in paragraph 56.1.84. The meeting must be held as soon as reasonably practicable and within ten weeks of entering administration [Note 24]. The ten week limit may be extended with the permission of the court or with the consent of the creditors [Note 25]. Creditors should be given not less than 14 days notice of the meeting [Note 26]. The administrator must gazette the notice of meeting and may further advertise it if he/she thinks fit [Note 27].

So proposals within 8 weeks, meeting within 10 weeks notice of which must be min. 14 days thus would have to be sent out within the 8 weeks.