Administration is an insolvency procedure that a company may enter if that company is insolvent and the insolvency practitioner nominated to be the administrator believes that one of the following objectives can be achieved:
- the rescue of the company as a going concern, or
- achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration) or
- realising property in order to make a distribution to one or more secured or preferential creditors.
Please contact HBG for more information and advice with regard to the administration process.
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