An Administration Order is an order of the Court and it prevents any creditor from
taking action to enforce his debt against a Company, including a secured creditor,
without leave of the Court.
The Administration Order can be obtained by:An Administrative Receiver has not already been appointed over the company
unless his appointing security holder agrees or the security under which he was
appointed would voidable.
The application for the order will be accompanied by a report that includes an
explanation of which if the purposes of the 2 above are to be achieved.
What happens after the Administration Order is made?
Having secured the Administration Order, the Administrator will work with the
directors to develop a plan for rescuing the company and repaying creditors.
This could involve:
- A sale of the business and assets and the repayment of creditors from the
proceeds
- The formulation of a proposal for a Corporate Voluntary Arrangement which
could involve, for example, the continuation of the trade of the company and
the repayment of creditors from ongoing trading receipts
- A compulsory or creditors voluntary liquidation
Request a copy of the full Gore and Company Administration
Papers from
enquiries@goreandco.com
How can Gore & Company help?
We act for companies seeking to implement a rescue plan using the Administration
route to formulate a report to the Court in order to secure the Administration
Order. We then work with the directors in order to work out the best way to save
the business and maximise returns to creditors. This includes investigating a
proposal for a CVA, identifying possible partners to fund the business or acquire
the business outright.
We also act for Creditors to advise them on recovery strategies once a customer
has been placed into Administration.
Contact us for a free initial consultation
or a free initial business review.
