203. Application in decision period for permission to enforce fi xed security

begins –

if notice of the appointment of the administrator is required to be given to the grantee under section 193, on the day on which that notice is received; or

in any other case, on the date of commencement of the administration; and

ends at the close of the tenth working day after of commencement of the administration.

a notice informing the court of whether the administrator supports or opposes the application;

a report on the property, debts and other liabilities of the company, so far as these are known to the administrator, along with a statement setting out the respects, if any, in which to the knowledge of the administrator, such report may be incomplete;

a statement of reasons supporting or opposing the application.

proceed to make a determination on the application; or

where the court considers that it is essential to receive further information from either the grantee or the administrator in order to determine the application –

adjourn the hearing for that purpose; and

subsequently make a determination on the application.

granting permission for the application shall not materially adversely affect the objective referred to in paragraph (d) of section 178; and

in all the circumstances of the case, prejudice will be caused to the grantee if the application is not granted, that outweighs the prejudice that will be caused to the other persons having an interest in the company from the granting of the application.

that a receiver or other person involved in the enforcement shall not perform or exercise specified functions or powers except as permitted by a further order of the court;

that enforcement be limited to specified property;

that enforcement by a sale shall be conducted in a manner laid down by the court or subject to further permission of or directions from the court.