Letter to The Insolvency Service: Secured creditors and seeking consent to an administration extension (19 August 2024)

R3 and the Regulatory Professional Bodies (ICAEW, IPA and ICAS) have written to the Insolvency Service seeking urgent clarification on its view that ‘a creditor is set at the point of entry to the procedure and that this remains, even if payment in full is subsequently made’ following two decisions where the court determined that the administration period had been validly extended and the consent of the paid secured creditors was NOT required.