Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 7 · Judicial Management
89. Purpose of judicial management and judicial manager
Feedback & supportThe judicial manager of a company must perform the judicial manager’s functions to achieve one or more of the following purposes of judicial management:
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;
the survival of the company, or the whole or part of its undertaking, as a going concern;
the approval under section 210 of the Companies Act 1967 or section 71 of a compromise or an arrangement between the company and any such persons as are mentioned in the applicable section;
a more advantageous realisation of the company’s assets or property than on a winding up.
A judicial manager or an interim judicial manager of a company must perform the functions of the judicial manager or interim judicial manager in the interests of the company’s creditors as a whole.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
A judicial manager or an interim judicial manager of a company must perform the functions of the judicial manager or interim judicial manager as quickly and efficiently as is reasonably practicable.
A judicial manager or an interim judicial manager of a company is an officer of the Court (whether or not the judicial manager or interim judicial manager is appointed by the Court).
officer
“officer”, in relation to a corporation, includes —(a)a director or secretary of the corporation, or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)a liquidator of a company appointed in a voluntary winding up,but does not include —(d)a receiver who is not also a manager;(e)a receiver and manager appointed by the Court;(f)a liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed under Part 7;