Why wasnt a progress report sent to Farepaks agents covering the six month period since the Administrators appointment?
The Insolvency Act 1986 states that the Joint Administrators should report to all known creditors within four weeks of the six month anniversary of their appointment on 13 October 2006 . Because of the costs involved in reporting to all the creditors and because a report had been issued in January 2007, the Joint Administrators applied to Court to ask if they could delay the issue of the next report. The Court ordered that the Joint Administrators could send this when they were ready to finish the Administration.
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