Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 7 · Judicial Management
99. General powers and duties of judicial manager
Feedback & supportWhen a company enters judicial management, the judicial manager must take into the custody or under the control of the judicial manager all the property to which the company is or appears to be entitled.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
During the period in which a company is in judicial management, all powers conferred and duties imposed on the directors of the company by this Act or the Companies Act 1967, or by the constitution of the company, must be exercised and performed by the judicial manager and not by the directors, but nothing in this subsection requires the judicial manager to call any meetings of the company.
constitution
“constitution”, in relation to a company, has the meaning given by section 4(1) of the Companies Act 1967;
The judicial manager of a company —
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;
has such powers and must do such things as may be necessary for the management of the affairs, business and property of the company; and
must do such other things as the Court may by order sanction.
Without limiting subsection (3)(a), the powers conferred by that provision include the powers specified in the First Schedule.
The judicial manager of a company may apply to the Court for directions in relation to any particular matter arising in connection with the carrying out of the judicial manager’s functions.
Nothing in this section authorises the judicial manager of a company to make any payment towards discharging any debt to which the company was subject on the date of the company’s entry into judicial management, unless —
debt
“debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;
the making of the payment is sanctioned by the Court or the payment is made pursuant to a compromise or an arrangement so sanctioned;
the payment is made towards discharging sums secured by a security or payable under a hire‑purchase agreement, chattels leasing agreement or retention of title agreement to which section 100(2), (5) and (6) applies;
such payment is necessary or incidental to the performance of the judicial manager’s functions; or
such payment is necessary to assist the achievement of one or more of the purposes of the judicial management mentioned in section 89(1).
The judicial manager of a company may at any time, if the judicial manager thinks fit, and must, if the judicial manager is directed to do so by the Court, summon a meeting of the company’s creditors.
Any alteration in the company’s constitution made by virtue of an order under subsection (3)(b) is of the same effect as if duly made by resolution of the company, and the provisions of this Act and the Companies Act 1967 apply accordingly to the constitution as so altered.
A copy of an order under subsection (3)(b) sanctioning the alteration of the company’s constitution must, within 14 days after the making of the order, be delivered by the judicial manager to the Registrar of Companies.
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;
A person dealing with the judicial manager of a company in good faith and for value is not required to inquire whether the judicial manager is acting within the judicial manager’s powers.