Administration is a formal insolvency procedure and involves the appointment of an Administrator who is appointed to manage the insolvent company's affairs, business and property.
An administrator can be appointed by either an Order of the Court or via an out of court procedure. Depending on the circumstances of the insolvent company, the appointment may be sought by a holder of a Qualifying Floating Charge, creditors, the company itself or its directors.
Administration is a rescue procedure, with the closure of a business only being considered as a last resort if there are no other options available.
An administrator’s objective will be identifies as ones of the following:
- To rescue the company as a going concern
- To achieve a better result for the company’s creditors as a whole than would be likely if the company was wound up without first being in administration; or
- Realising property in order to make a distribution to one or more secured or preferential creditors.
In most cases, if the company cannot be retained as a going concern, the Administrator will try to maximise the value of the assets for the benefit of the creditors.
Whilst in administration no action can be taken against a company by creditors without consent of the Court or the Administrator.
- DISQUALIFICATION OF DIRECTORS
- RESERVATION OF TITLE
- IMPLICATIONS FOR LANDLORDS - TENANT INSOLVENCY
- CORPORATE RESCUE & RECOVERY
- PERSONAL INSOLVENCY
- BUSINESS SALES/PURCHASES FROM INSOLVENCY PRACTITIONERS
- TRUST/PROPERTY ISSUES ARISING FROM INSOLVENCY
- INVESTIGATIONS/RECOVERIES FOR CREDITORS
TRADING A COMPANY WHILST INSOLVENT
- DEBT RELIEF ORDERS
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