Whilst there is an express carve-out for administrators and creditors in an administration (or similar proceedings under the insolvency laws of another country) contained within the Act, Insolvency Practitioners (‘IPs’) should still bear in mind the obligations placed upon a third party purchaser with regard to transactions involving 17 high-risk /sensitive sectors subject to mandatory pre-completion notification/clearance and the impact that the requirements under the Act could have on distressed M&A transactions. Further the administrator carve out does not encompass liquidators.
For further information, please see R3's Technical Alert to members here.
R3 members can provide advice on a range of business and personal finance issues. To find an R3 member who can help you, click below.