Enterprise Act

The insolvency provisions of the Enterprise Act took effect on the 15th September 2003 as follows;

The new administration procedure, introduces out of court routes to appoint an administrator for the company or its directors and for holders of qualifying floating charges. This is in addition to the existing provisions for creditors to apply to court for the appointment of an administrator.

Charge holders will no longer be able to appoint administrative receivers (with certain exceptions) on debentures drawn up from 15/09/2003 onwards.

Customs and Inland Revenue have lost their preferential status in the distribution of insolvent assets.