PART 2Restrictions on disposal of property by administrators
CHAPTER 1GENERAL
Conditions and requirements that apply in respect of a substantial disposal by the administrator3
1
An administrator must not make a substantial disposal unless either one of the following two conditions is met—
a
the approval of the company’s creditors for the making of that disposal has been obtained in accordance with regulation 4, or
b
a qualifying report in respect of the making of that disposal has been obtained.
2
Where the condition in paragraph (1)(b) is met and an administrator makes a substantial disposal the notification requirements in regulation 9 must be met.
3
For the purposes of these Regulations a “substantial disposal”—
a
b
includes a disposal which is effected by a series of transactions.