Revival and rehabilitation of sick companies: Section 259's administrator appointment and empowerment provisions were omitted, altering administrator framework. Section 259 previously provided for the appointment of an administrator by the Tribunal from a databank of specified professionals, allowed the Tribunal ... Summary
Revival and rehabilitation of sick companies: Section 259's administrator appointment and empowerment provisions were omitted, altering administrator framework.
Section 259 previously provided for the appointment of an administrator by the Tribunal from a databank of specified professionals, allowed the Tribunal to determine terms and conditions, empowered the administrator to take over assets or management, and permitted engagement of experts with Tribunal approval; these statutory mechanisms have been omitted by subsequent insolvency reform.
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