Administration is an insolvency process by which a company is placed under the control of an insolvency practitioner to enable him to achieve objectives laid down by statute.
In practical terms it means that the company has some hope of survival - usually by eliminating debts. It also means that it has some money or expectations of having some by realising assets or chasing debts or pursuing lawsuits. Otherwise the administrator will not get paid and these guys are VERY keen on getting paid. Cynics would say that is the only thing they think of.
They deal with a lot of human tragedy and have hide like a rhinocerous and balls of steel - even the women
Here is a detailed article on Administration
Bob Cory
Modified on 08/09/2019 at 09:57:48 by ℗ Bob Cory