21. Information to be given by administrator22. Statement of affairs to be submitted to administrator(1) Where an administration order has been made, the administrator shall-
(a) forthwith send to the company and publish in the prescribed manner a notice of the order, and(b) within 28 days after the making of the order, unless the court otherwise directs, send such notice to all creditors of the company (so far as he is aware of their addresses).
(2) Where an administration order has been made, the administrator shall also, within 14 days after the making of the order, send an office copy of the order to the registrar of companies and to such persons as may be prescribed.
(3) If the administrator without reasonable excuse fails to comply with this section, he is liable to a fine and, for continues contravention, to a daily default fine.
23. Statement of proposals(1) Where an administration order has been made, the administrator shall forthwith require some or all of the persons mentioned below to make out and submit to him a statement in the prescribed form as to the affairs of the company.
(2) The statement shall be verified by affidavit by the persons required to submit it and shall show-
(a) particulars of the company's assets, debts and liabilities;
(b) the names and addresses of its creditors;
(c) the securities held by them respectively;
(d) the dates when the securities were respectively given; and
(e) such further or other information as may be prescribed.
(3) The persons referred to in subsection (1) are-
(a) those who are or have been officers of the company;
(b) those who are or have part in the company's formation at any time within one year before the date of the administration order;
(c) those who are in the company's employment or have been in its employment within that year, and are in the administrator's opinion capable of giving the information required;
(d) those who are or have been within that year officers of or in the employment of a company which is, or within that year was, an officer of the company.
In this subsection "employment" includes employment under a contract for services.(4) Where any persons are required under this section to submit a statement of affairs to the administrator, they shall do so (subject to the next subsection) before the end of the period of 21 days beginning with the day after that on which the prescribed notice of the requirement is given to them by the administrator.
(5) The administrator, if he thinks fit, may-
(a) at any time release a person from an obligation imposed on him under subsection (1) or (2), or
(b) either when giving notice under subsection (4) or subsequently, extend the period so mentioned;
and where the administrator has refused to exercise a power conferred by this subsection, the court, if it thinks fit, may exercise it.(6) If a person without reasonable excuse fails to comply with any obligation imposed under this section, he is liable to a fine and, for continued contravention, to a daily default fine.
24. Consideration of proposals by creditors' meeting(1) Where an administration order has been made, the Statement of administrator shall, within 3 months(or such longer period as the court may allow)after the making of the order-
(a) send to the registrar of companies, the Bank of England and (so far as he is aware of their addresses) to all creditors a statement of his proposals for achieving the purpose or purposes specified in the order, and
(b) lay a copy of the statement before a meeting of the company's creditors summoned for the purpose on not less than 14days' notice.
(2) The administrator shall also, within 3 months(or such longer period as the court may allow) after the making of the order, either-
(a) send a copy of the statement(so far as he is aware of their addresses)to all members of the company, or
(b) publish in the prescribed manner a notice stating an address to which members of the company should write for copies of the statement to be sent to them free of charge
(3) If the administrator without reasonable excuse fails to comply with this section, he is liable to a fine and, for continues contravention, to a daily default fine.
25. Approval of substantial revisions(1) A meeting of creditors summoned under section 23 shall decide whether to approve the administrator's proposals.
(2) The meeting may approve the approvals with modifications, but shall not do so unless the administrator consents to each modification.
(3) Subject as above, the meeting shall be conducted in accordance with the rules.
(4) After the conclusion of the meeting in accordance with the rules, the administrator shall report the result of the meeting to the court and shall give notice of that result to the registrar of companies and to such persons as may be prescribed.
(5) If a report is given to the court under subsection (4) that the meeting had declined to approve the administrator's proposals (with or without modifications), the court may by order discharge the administration order and make such consequential provision as it thinks fit, or adjourn the hearing conditionally or unconditionally, or make an interim order or any other order that it thinks fit.
(6) Where the administration order is discharged, the administrator shall, within 14 days after the making of the order effecting the discharge, send an office copy of that order to the registrar of companies.
(7) If the administrator without reasonable excuse fails to comply with subsection (6), he is liable to a fine and, for continues contravention, to a daily default fine.
26. Creditors' committee(1) This section applies where-
(a) proposals have been approved (with or without modifications)under section 24, and
(b) the administrator proposes to make revisions of those proposals which appear to him to be substantial.
(2) The administrator shall-
(a) send to all creditors of the company (so far as he is aware of their addresses) a statement in the prescribed form of his proposed revisions, and
(b) lay a copy of the statement before a meeting of the company's creditors summoned for the purpose on not less that 14 days' notice;
and he shall not make the proposed revisions unless they are approved by the meeting.(3) The administrator shall also either-
(a) send a copy of the statement (so far as he is aware of their addresses) to all members of the company, or
(b) publish in the prescribed manner a notice stating an address to which members of the company should write for copies of the statement to be sent to them free of charge.
(4) The meeting of creditors may approve the proposed revisions with modifications, but shall not do so unless the administrator consents to each modification.
(5) Subject as above, the meeting shall be conducted in accordance with rules.
(6) After the conclusion of the meeting in accordance with the rules, the administrator shall give notice of the results of the meeting to the registrar of companies and to such persons as may be prescribed.
27. Protection of interests of creditors and members(1) Where a meeting of creditors summoned under section 23 has approved the administrator's proposals (with or without modifications), the meeting may, if it thinks fit, establish a committee ("the creditor's committee") to exercise the functions conferred on it by or under this Act.
(2) If such a committee is established, the committee may, on giving not less that 7 days' notice, require the administrator to attend before it at any reasonable time and furnish it with such information relating to the carrying out of his functions as it may reasonably require.
(1) At any time when an administration order is in force the Bank of England, the Deposit Protection Board, or a creditor or member of the company may apply to the court by petition for an order under this section on the ground-
(a) that the company's affairs, business and property are being or have been managed by the administrator in a manner which is unfairly prejudicial to the interests of its creditors or members generally, or of some part of its creditors or members generally, or of some part of its creditors or members (including, where the applicant is a creditor or a member, at least himself), or
(b)that any actual or proposed act or omission of the administrator is or would be so prejudicial.
(2) On an application for an order under this section the court may, subject as follows, make such order as it thinks fit for giving relief in respect of the matters complained of, or adjourn the hearing conditionally or unconditionally, or make an interim order or any other order that it thinks fit.
(3) An order under this section shall not prejudice or prevent-
(a) the implementation of a voluntary arrangement approved under section 4 in Part I, or any compromise or arrangement sanctioned under section 425 of the Companies Act; or
(b) where the application for the order was made more than 28 days after the approval of any proposals or revised proposals under section 24 or 25, the implementation of those proposals or revised proposals.
(4) Subject as above, an order under this section may in particular-
(a) regulate the future management by the administrator of the company's affairs, business and property;
(b) require the administrator to refrain from doing or continuing an act complained of by the petitioner, or to do an act which the petitioner has complained he has omitted to do;
(c) require the summoning of the meeting of creditors or members for the purpose of considering such matters as the court may direct;
(d) discharge the administration order and make such consequential provision as the court thinks fit.
(5) Nothing in section 15 or 16 is to be taken as prejudicing applications to the court under this section.
(6) Where the administration order is discharged, the administrator shall, within 14 days after the making of the order effecting the discharge, send an office copy of that order to the registrar of companies; and if without reasonable excuse he fails to comply with this subsection, he is liable to a fine and, for continues contravention, to a daily default fine.