Insolvency Act

572. Consequences of failure to obtain approval of administrator's proposals

Edition: 2022-12-31 · In force

(1)This section applies if an administrator reports to the Court that—

(a)an initial creditors' meeting has failed to approve the administrator's proposals presented to it; or

(b)a creditors' meeting has failed to approve a revision of the administrator's proposals presented to it.

(2)The Court may—

(a)make an order terminating the appointment of an administrator with immediate effect or with effect from a specified date;

(b)adjourn the hearing conditionally or unconditionally;

(c)make an interim order;

(d)make an order declaring an application for a liquidation order to be suspended because of section 558(1)(b); or

(e)make any other order (including an order making consequential provision) that the Court considers appropriate.