Administration

A process which can be commenced by the board of directors, floating charge holder(s) or company (shareholders) by filing a “Notice of Appointment” or “Notice of Intention to Appoint” at court, to appoint an Administrator, without a court application and hearing. The process can also be commenced via a court application by a creditor owed more than £750. A partnership or LLP may also enter into Administration. Administration involves the Administrator seeking a sale of a company’s or partnership’s assets and/or business to satisfy an objective of Administration. Once an Administrator is involved no action may be taken against a company/partnership without the consent of the Administrator or Court. In Administration the Administrator is an officer of the court and must act in the best interests of all creditors.