14 Power to carry on the business of the company.
Definitions used in Schedule 1, paragraph 14 1
- the company
2 Section 233B does not apply in relation to a contract for the supply of goods or services to a company (“the company”) where any of paragraphs 3 to 11 applies.
Defined in Sch.4ZZA para.2 · see it in the full Act
Cases considering Schedule 1, paragraph 14 3
Heis & Ors (Administrators of MF Global UK Ltd.) v MF Global Inc
Applied to identify the administrator’s unqualified power to carry on the company’s business, unlike the liquidator’s restricted power. This supported the conclusion that special administration was not analogous to liquidation. (see para [46])
Oldham & Ors v Kyrris & Anor
The court noted the power to carry on the business as part of the administrator’s statutory management powers. It supported, rather than displaced, the conclusion that duties were ordinarily owed to the enterprise. (see para [145])
Lehman Brothers International (Europe), Re
Confirms the administrator’s express power to carry on the company’s business. That power formed part of the statutory framework supporting the conclusion that consenting to the proposed distribution was an authorised function. (see paras [20], [37])
What each judgment says about Schedule 1, paragraph 14 is in the case-law panel in the full Act.