Special manager

By:

James Knight

James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock… read more.

Updated: Aug 20, 2021

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

For the liquidation of a company, the official receiver, with the approval of the court, may appoint a special manager, if the nature of the business calls for specialized knowledge or the creditors or contributories require protection. His remuneration is fixed by the court and he must give security. He must account to the Official Receiver. He has the powers of an ordinary receiver and manager, or other powers that the court decides. A special manager may also be appointed by the Official Receiver in a bankruptcy where a creditor asks him to do so and can show that it is necessary to the carrying on of the business. When a trustee is appointed, the special manager’s duties finish. His remuneration is fixed by the creditors. He can be removed by the Official Receiver or by a special resolution of the creditors.

Reference: The Penguin Business Dictionary , 3rd edt.