PART 4Social housing in England
CHAPTER 5Insolvency of registered providers of social housing
Housing administration
I197Objective 1: normal administration
1
Objective 1 is to—
a
rescue the registered provider as a going concern,
b
achieve a better result for the registered provider's creditors as a whole than would be likely if the registered provider were wound up (without first being in housing administration), or
c
realise property in order to make a distribution to one or more secured or preferential creditors.
2
The housing administrator must aim to achieve Objective 1(a) unless the housing administrator thinks—
a
that it is not reasonably practicable to achieve it, or
b
that Objective 1(b) would achieve a better result for the registered provider's creditors as a whole.
3
The housing administrator may aim to achieve Objective 1(c) only if—
a
the housing administrator thinks that it is not reasonably practicable to achieve Objective 1(a) or (b), and
b
the housing administrator does not unnecessarily harm the interests of the registered provider's creditors as a whole.
4
In pursuing Objective 1(a), (b) or (c) the housing administrator must act in the interests of the registered provider's creditors as a whole so far as consistent with that Objective.