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Insolvency, Company lawMonday 29 April 2024

Substantial Disposals by Administrators in the First Eight Weeks: When is the purchaser a “connected person” and when is an evaluator independent?

David Pollard has published a three part article on Substantial Disposals by Administrators in the First Eight Weeks: When is the purchaser a “connected person” and when is an evaluator independent?

Published in the journal International Corporate Rescue, it discusses the statutory tests applicable when an administrator of a company seeks to make a substantial disposal during the first eight weeks of an administration under the Insolvency Act 1986.  It looks in particular at the tests applicable under para 60A of Sched B1 to the Insolvency Act 1986 and the 2021 Regulations on

  • when a potential purchaser/transferee with be a “connected person” (parts 1 and 2 of the article); and
  • when is an evaluator independent (part 3 of the article).

The new statutory requirements for a connected person and for an evaluator are complex. It can be difficult to check with certainty that they are met.  In particular, the independence tests use the wide (and fairly tricky) connected and associated tests from elsewhere in the Insolvency Act.

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