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How to do an Administration
An insolvency practitioner who has been appointed by the directors applies to the court for an administration order.
Once an order is granted, the insolvency practitioner will normally be appointed as the administrator. However, the creditors can appoint a different administrator if they wish.
The administrator reviews all of the company operations and then formulates a plan to either save the business (which may involve the implementation of a company voluntary arrangement), restructure some of it or close it all together.
Once agreed by the creditors, the administrator will undertake the plan for the company.
The Administrator is responsible for running the company until the plans have been satisfactorily implemented. During this time, the directors cannot make decisions which affect the running of the company without the agreement of the administrator.
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When to use Administration
Administration is used if a company is insolvent and at risk of being wound up by its creditors. However there may be alternative solutions for the company which are likely to get a better return than simply closing the business.
All legal action against the company must be stopped once it is in Administration. This gives a period of calm where solutions to rescue the business can be implemented.
At all times, the administrator will act in the best interests of the company creditors as well as directors and shareholders.
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What will Administration cost
The company directors will not have to pay for the cost of administration. The fees charged by the administrators will be paid either from operating profits of the company or from the sale of assets if part or all of the business is closed.
If the company’s situation is highly complex involving many creditors, there may be a significant amount of investigation work before an application is made to the court for an administration order. Where this is the case, a small upfront fee may be charged before the administrator is appointed.
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