Company Administration
An administrator is appointed to manage the affairs of the company to achieve specific objectives Must be satisfied that the company is insolvent or likely to become insolvent Tries to rescue the company as a going concern Or achieve better results for the creditors than if the company were wound up Realise the property in order to make a distribution to secured or preferential creditors 1 year time limit which can be extended with creditors’ and Court’s permission A proposal presented to its creditors via an Insolvency Practitioner Can be a possible route to turnaround the business