(1)The administrator of a company shall, on his appointment, take into his custody or under his control all the property to which the company is or appears to be entitled.
(2)The administrator shall manage the affairs, business and property of the company—
(a)at any time before proposals have been approved (with or without modifications) under section 24 below, in accordance with any directions given by the court, and
(b)at any time after proposals have been so approved, in accordance with those proposals as from time to time revised, whether by him or a predecessor of his.
(3)The administrator shall summon a meeting of the company’s creditors if—
(a)he is requested, in accordance with the rules, to do so by one-tenth, in value, of the company’s creditors, or
(b)he is directed to do so by the court.
Cases considering section 17 4
[2000] EWCA Civ 1 · 19 January 2000
The duty to take company property into custody supports the administrator’s recovery function, but does not create a conversion claim for property no longer in the respondent’s possession. (see paras [23], [35])
[2004] EWHC 932 (Ch) · 27 April 2004Interprets
Section 17(2) was contrasted with paragraph 68. Its reference to court directions was understood, following the earlier authority, not to require prior directions before an asset sale. (see paras [8]-[9])
[2006] EWCA Civ 1720 · 14 December 2006
Provides the administrator’s general duties after creditor approval of proposals. The judgment uses it to show that administration must proceed in accordance with the approved proposals. (see [14])
Requires administrators to manage the company in accordance with the creditors’ approved proposals, as revised. (see [14])
1 more judgment, and what each says about section 17, are in the
case-law panel in the full Act.