Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 7 · Judicial Management
110. Duty to manage company’s affairs, etc., in accordance with approved proposals
Feedback & supportWhere the judicial manager’s proposals have been approved by a meeting of creditors summoned under section 107(1), then, subject to any order under section 115, it is the duty of the judicial manager to manage the affairs, business and property of the company in accordance with the proposals as from time to time revised by the judicial manager.
judicial manager
“judicial manager”, in relation to a company, means a person appointed under this Part to manage the company and its affairs, business and property, but does not, unless a contrary intention appears, include an interim judicial manager;
Where the judicial manager proposes to make substantial revisions of the proposals as so approved, the judicial manager —
must —
send to the Registrar of Companies and every creditor of the company (so far as the judicial manager is aware of the creditor’s address) a statement of the judicial manager’s proposed revisions; and
lay a copy of the statement before a meeting of the company’s creditors summoned for the purpose on not less than 14 days’ notice; and
must not make the proposed revisions unless they are approved by the majority in number and value of creditors (present and voting in person or by proxy at the meeting), whose claims have been accepted by the judicial manager.
The judicial manager must also either —
send a copy of the statement to every member of the company (so far as the judicial manager is aware of the member’s address); or
publish a notice in an English local daily newspaper stating an address to which members of the company should write for copies of the statement to be sent to them free of charge.
A meeting of creditors summoned under subsection (2) (which must, subject to subsection (2) and this subsection, be conducted in accordance with the regulations) may approve the proposed revisions with modifications but must not do so unless the judicial manager consents to each modification.
After the conclusion of a meeting summoned under subsection (2), the judicial manager must give notice of the result of the meeting to the Registrar of Companies or to such other persons or bodies as the Court may approve.
Registrar of Companies
“Registrar of Companies” means the Registrar of Companies appointed under section 8 of the Companies Act 1967 and includes any Deputy or Assistant Registrar of Companies;