Activity Code
6921
Activity Description English
Insolvency Practitioner, Official Liquidator, Receiver, Administrative Receiver & Administrator Activities
Activity Group
Activity Sub-Category
Activity Type
Description
The registration of an insolvency practitioner as an official liquidator constitutes an acknowledgement of that insolvency practitioner that he will accept any appointment made by the Court as a liquidator or provisional liquidator to a Company in accordance with the provisions of any rules of procedure as may be made by the Court.
“Administrative Receiver" means a receiver appointed under powers contained in an instrument which constitutes a qualifying charge, in respect of the property of a Company which consists of the whole or substantially the whole of the property of that Company, or who would be such a receiver but for the appointment of some other person as the receiver of part of that Company's property. An administrative receiver has, in addition to the powers contained in the instrument appointing him in accordance with subsection (1), the powers set out in Schedule 3 (Powers of Administrative Receiver) of the Abu Dhabi Global Markets - ADGM insolvency regulations 2015.
The administrator of a Company must perform his functions with the objective of—
rescuing the Company as a going concern;
achieving a better result for the Company's creditors as a whole than would be likely if the Company were wound up (without first being in administration); or
realising property in order to make a distribution to one or more secured or preferential creditors.
Master Activity
Office Type
Non Package
