administrative receiver

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A receiver appointed by the holder of a floating charge covering the whole, or substantially all, of a company's assets. The administrative receiver has the power to sell the assets that are secured by the charge or to carry on the company's business. Subject to certain exceptions, an administrative receiver cannot be appointed by the holder of a floating charge created after 15 September 2003; it is now possible, however, for the holder of such a charge to appoint an administrator without obtaining a court order.

Subjects: Financial Institutions and Services.

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