Insolvency Act 1986

[F178(1)In paragraph 76(2)(b) “consent” means consent of—E+W+S

(a)each secured creditor of the company, and

[F2(b)if the company has unsecured debts, the unsecured creditors of the company.]

(2)But where the administrator has made a statement under paragraph 52(1)(b) “consent” means—

(a)consent of each secured creditor of the company, or

(b)if the administrator thinks that a distribution may be made to preferential creditors, consent of—

(i)each secured creditor of the company, and

[F3(ii)the preferential creditors of the company.]

[F4(2A)Whether the company's unsecured creditors or preferential creditors consent is to be determined by the administrator seeking a decision from those creditors as to whether they consent.]

F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)An administrator’s term of office—

(a)may be extended by consent only once,

(b)may not be extended by consent after extension by order of the court, and

(c)may not be extended by consent after expiry.

(5)Where an administrator’s term of office is extended by consent he shall as soon as is reasonably practicable—

(a)file notice of the extension with the court, and

(b)notify the registrar of companies.

(6)An administrator who fails without reasonable excuse to comply with sub-paragraph (5) commits an offence.]