ADMINISTRATION

When a company is in financial distress, one option is that the company  can be placed into Administration.

The Administrator will seek to either:

  • Rescue the company as a going concern,
  • Achieve a better result than if the company had entered into liquidation,
  • Realise assets in order to make a distribution to secured and/or preferential creditors.

To achieve the objective(s), the Administrator has significant powers, including being able to continue trading the business and/or selling the business as a going concern.

Where the proposed Administrator believes the best outcome for creditors would be the immediate sale of the company’s business and/or assets, the Administrator is able to arrange a sale immediately following his appointment.  This is known as a pre-packaged sale.

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