- Bailiffs distraining on behalf of rating authorities
- Landlords distraint for arrears of rent
- Action by Revenue and Customs & Excise to enforce their debt
Following changes to legislation introduced in September 2003, the administration procedure is now streamlined which has resulted in reduced costs and better returns to creditors. An Administrator can be appointed by filing documents at court and with a few exceptions, the administration must be concluded within a year.
The purpose of the administration must achieve;
- Rescue of the company as a going concern or if that is not possible
- Achieving a better realisation of the company's assets than in a liquidation
- Realising property in order to make a payment to the company's secured or preferential creditors.
Only if the neither of the first two purpose are possible, can the administrator use the third purpose:-
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