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