administrative receiver
Historically, a receiver or manager of the whole or substantially the whole of a company's property, appointed on behalf of the holder of a debenture of the company which as created was a floating charge, and authorised to get in the assets, run the company's business and dispose of the assets either piecemeal or as part and parcel of the sale of the business as a going concern; the principal duty being to realise the indebtedness owed to the secured creditor by whom he was appointed. Under the Enterprise Act 2002 (effective from 15 September 2003), administrative receivership was effectively abolished as a remedy for all floating charges created after the Act, subject to some important but limited exceptions. The Act does not apply to floating charges created prior to the Act coming into force. The Act does not affect the right of a holder of a fixed charge to appoint a receiver.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • administrative receiver — A receiver appointed by a secured creditor who holds a floating charge covering the whole, or substantially all, of a company s assets. The administrative receiver has the power to sell the assets that are secured by the charge or to carry on the …   Big dictionary of business and management

  • administrative receiver — A receiver appointed by the holder of a floating charge covering the whole, or substantially all, of a company s assets in order to recover money due to a secured creditor. The administrative receiver has the power to sell the assets that are… …   Accounting dictionary

  • administrative receiver — /ədˌmɪnɪstrətɪv rɪ si:və/ noun a person appointed by a court to administer the affairs of a company …   Dictionary of banking and finance

  • Administrative receivership — is a procedure in the United Kingdom [See sections 29(2) and 251 of the Insolvency Act 1986 and Article 5(1) of the Insolvency (Northern Ireland) Order 1989 for the definition of administrative receiver under the laws, respectively, of England… …   Wikipedia

  • receiver — re·ceiv·er /ri sē vər/ n 1: an officer charged with receiving tax payments or returns and other related duties (as the maintenance of tax rolls) 2: a person appointed by the court to hold in trust and administer property in litigation; esp: one… …   Law dictionary

  • administrative receivership — A remedy of a secured creditor to allow for the realisation of assets subject to security. Prior to the Enterprise Act 2002, administrative receivership was available to a creditor who had a floating charge over the whole (or substantially the… …   Law dictionary

  • receiver — A person exercising any form of receivership. In bankruptcy, the official receiver becomes receiver and manager of the bankrupt s estate. Where there is a floating charge over the whole of a company s property and a crystallizing event has… …   Accounting dictionary

  • receiver — A person exercising any form of receivership In bankruptcy, the official receiver becomes receiver and manager of the bankrupt s estate (see bankruptcy). Where there is a floating charge over the whole of a company s property and a crystallizing… …   Big dictionary of business and management

  • receiver — re|ceiv|er [rıˈsi:və US ər] n ▬▬▬▬▬▬▬ 1¦(telephone)¦ 2¦(business)¦ 3¦(stolen property)¦ 4¦(radio)¦ 5¦(American football)¦ ▬▬▬▬▬▬▬ 1.) ¦(TELEPHONE)¦ the part of a telephone that you hold next to your mouth and ear →↑handset pick up/lift the …   Dictionary of contemporary English

  • Receiver — may mean:* The listening device part of a telephone * The handset containing that device * Receiver (radio), an electronic device that converts a radio signal from a transmitter into useful information * Receiver (modulated ultrasound), a device… …   Wikipedia

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