By law, a company can be placed into administration either:-
- 1) Where it is possible to rescue it as a going concern, or
- 2) Where administration is likely to achieve a better result for creditors than a liquidation, or
- 3) Where administration is the most expedient way of making a distribution to secured creditors (such as the bank with registered charges against the Company’s assets) or preferential creditors (its employees)
Most commonly, the appointment of an administrator is instigated by either the Directors of the company or a secured creditor with a ‘Qualifying Floating Charge’.
Live Recoveries can advise you on whether one of the administration objectives is feasible for your company and, if so, on the mechanics and consequences of getting the administrator appointed.
From IVA’s to bankruptcies, Live Recoveries has all your personal financial recovery solutions covered. Find out more about how we can help.