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Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013

2013 CHAPTER 33

Commentary

Part 6 – Special Administration for Operators of Certain Infrastructure Systems

Section 118: FMI administrators

272.Section 118 provides that FMI administrators are to be officers of the court and that when acting in relation to an infrastructure company they will act as the infrastructure company’s agent. This section furthermore places FMI administrators under a duty to manage the infrastructure company so as to achieve the objective of FMI administration as quickly and efficiently as possible. It also provides that, insofar as it is possible to do so whilst acting consistently with the objective of FMI administration, FMI administrators should act in a way which best protects the company’s creditors. This section also establishes a related and secondary requirement that the FMI administrator should also act where possible in the interests of the company’s members as whole.

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