Common use of Administrative receiver Clause in Contracts

Administrative receiver. If the appointment of the receiver or the joint receivers under Clause 8.3 covers the whole or substantially the whole of the Secured Assets, he or they shall be an administrative receiver or administrative receivers, unless the provisions of the Insolvency Xxx 0000 relating to an administrative receiver are not applicable to a receiver of property of a company such as the Owner. In that case, section 42 of the Insolvency Xxx 0000 and Schedule 1 to that Act (general powers of an administrative receiver) shall nevertheless be deemed to be incorporated into this Deed with any necessary modifications.