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Special manager

Updated: Aug 20, 2021

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.

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James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.