PART 2

Restrictions on disposal of property by administrators
CHAPTER 4

NOTIFICATION OF QUALIFYING REPORT TO REGISTRAR OF COMPANIES AND TO CREDITORS

Notification requirements where a qualifying report is obtained
9
1
Where regulation 3(2) applies (administrator makes a substantial disposal following receipt of a qualifying report) the administrator must comply with the requirements specified in paragraphs (2) to (5).
2
The administrator must send the following to the persons specified in paragraph (5)—
a
a copy of the report (excluding any information that, in the administrator’s opinion, is confidential or commercially sensitive); and
b
where paragraph (3) applies, the information specified in paragraph (4).
3
This paragraph applies where the qualifying report contains—
a
a case not made opinion within the meaning given by regulation 7(h)(ii), or
b
details of any previous report where the person making it was satisfied that—
i
the grounds for the disposal were not reasonable in the circumstances, or
ii
the consideration to be provided for the disposal was not reasonable in the circumstances.
4
Where paragraph (3) applies the administrator must send together with each copy of the qualifying report a statement setting out their reasons for proceeding with the substantial disposal.
5
A copy of the report and, where applicable, the additional information specified in paragraph (4) must be sent to—
a
the registrar of companies, and
b
every creditor of the company, other than an opted-out creditor , of whose claim and address the administrator is aware
at the same time as the administrator complies with the requirement in paragraph 49(4)(a) and (b) of Schedule B1 to send a copy of the statement of their proposals to the registrar of companies and to creditors.
“Opted-out creditor” is defined in section 248A of the Act. Section 248A was inserted by section 124 of the Small Business, Enterprise and Employment Act 2015 (c. 26).