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Administration in United Kingdom law : ウィキペディア英語版 | Administration in United Kingdom law Administration in United Kingdom law refers to the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible. It is the equivalent of Chapter 11, Title 11, United States Code, although with significant differences. While creditors with a security interest over all a company's assets could control the procedure previously through receivership, the Enterprise Act 2002 made administration the main procedure. ==History== The Insolvency Act 1986, Schedule B1 contains the procedure for a company entering administration, as updated by the Enterprise Act 2002. It was first introduced following the Cork Report's priorities for transparency, accountability and collectivity and, crucially, fostering a rescue culture for business.〔See E McKendrick, ''Goode on Commercial Law'' (4th edn Penguin 2010) 928 and ''Colin Gwyer & Associates Ltd v London Wharf (Limehouse) Ltd'' () BCC 885, on the "rescue culture".〕
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