• Section 1: Section 1: Purpose of Administration

    • Article 6 - Administrators

      A person may be appointed as Administrator of a Company:

      (A) by Administration Order of the QFC Court under Article 8;
      (B) by a Secured Creditor under Article 20; or
      (C) by the Company or its directors under Article 23.

    • Article 7 - Purposes of administration

      (1) The Administrator of a Company must perform his functions with the objective of:
      (A) rescuing the Company, or the whole or any part of its undertaking, as a going concern;
      (B) 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; and
      (C) realising property in order to make a distribution to one or more Secured Creditors.
      (2) Subject to (4), the Administrator of a Company must perform his functions in the interests of the Company's creditors as a whole.
      (3) The Administrator must perform his functions with the objective specified in (1)(A) unless he thinks either:
      (A) that it is not reasonably practicable to achieve that objective; or
      (B) that the objective specified in (1)(B) would achieve a better result for the Company's creditors as a whole.
      (4) The Administrator may perform his functions with the objective specified in (1)(C) only if:
      (A) he thinks that it is not reasonably practicable to achieve either of the objectives specified in (1)(A) and (B); and
      (B) he does not harm the interests of the creditors of the Company as a whole unless it is necessary to do so.
      (5) The Administrator of a Company must perform his functions as quickly and efficiently as is reasonably practicable.