18 Power to make any arrangement or compromise on behalf of the company.
Definitions used in Schedule 1, paragraph 18 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 18 8
Rollingson v Hollingsworth & Ors
Confirms the separate statutory power to compromise claims. The distinction between this power and the assignment power supported the conclusion that the bidding process did not attract without-prejudice protection (see paras [72], [93]-[95]).
Wentworth Sons Sub-Debt SARL v Lomas & Ors
Confirms that the administrators entered into claims determination deeds under their statutory power to make arrangements or compromises on behalf of the company. The binding characterisation of the deed was treated as suitable for preliminary determination (see paras [39]-[45], [74], [88]-[105]).
LB Holdings Intermediate 2 Ltd, Re
The court held that paragraph 18 of Schedule 1 supplied an additional power to enter into settlement agreements and compromises. The proposed transactions were within the administrators’ powers (see para [27]).
- MF Global UK Ltd, Re Investment Bank Special Administration Regulations 2011
- ALISON GRANT & Ors v FR ACQUISITIONS CORPORATION (EUROPE) LTD & Anor
- Nortel group, Re (Global Settlement)
- Nortel Networks UK Ltd & Ors, Re Insolvency Act 1986
- Collins & Aikman Europe SA Collins & Ors, Re Insolvency Act 1986
What each judgment says about Schedule 1, paragraph 18 is in the case-law panel in the full Act.