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Fraser Frayne Insolvency Practitioners Limited
Old Canal Cottage
Bath BA2 8BS
Company Administration is a procedure for dealing with insolvent companies. It may be started by a variety of methods or parties (typically the Board of Directors or Secured Creditors), but essentially is a procedure (as described in the Insolvency Act 1986) either to:
a) Rescue the Company as a going concern;
b) Achieve a better result for the Company’s creditors as a whole than would be likely if the Company were wound up (without first being administration);
c) Realising the property in order to make a distribution to one or more secured or preferential creditors.
However, the Administrator (the Insolvency Practitioner appointed) must perform his functions in the interests of all creditors as a whole and must apply the objectives as listed in the above order.
Company Administration is a well recognised legal procedure for dealing with an insolvent company.
This outline is general and may not apply to a specific company’s circumstances for which an Administration may not be appropriate. The outline, views and suggestions set out are not intended to constitute professional advice, nor to be a substitute for specific advice.
Registered in England Co. No. 6934426 VAT No. 972 6786 64
Registered Office: Old Canal Cottage Dunkerton Bath N E Somerset BA2 8BS
Company Secretary: Fraser Watt; Director: Matthew Frayne BA, FIPA, FABRP
Licensed Insolvency Practitioner licensed by the Insolvency Practitioners Association
Valiant House 4-10 Heneage Lane London EC3A 5DQ
© 2009 Fraser Frayne Insolvency Practitioners Limited