Powers of a Partnership Administrator under Schedule B1 of The Insolvency Act 1986
Under Schedule B1 of the Insolvency Act 1986, the additional powers of a Partnership Administrator are:
1. The Administrator of a company may do anything necessary or expedient for the management of the affairs, business and property of the company.
2. The administrator of a company -
a. may remove a director of the company, and
b. may appoint a director of the company (whether or not to fill a vacancy).
3. The administrator of a company may call a meeting of members or creditors of the company
4. The Administrator of a company may apply to court for directions in connection with his functions.
5. The administrator of a company may make a distribution to a creditor of a company. (The Act clarifies this as a payment to a secured or preferential creditor)
6. The administrator of a company may dispose of or take action relating to property which is subject to a floating charge as if it were not subject to the charge.
In summary an administrator appointed to a partnership has many powers given to him by statute under Schedules 1 and B1 of The Insolvency Act 1986.