In Administration
In Liquidation
An Administrative Receiver must be a qualified Insolvency Practitioner and is appointed by the holder of a floating charge, over the whole, or substantially the whole of the Company’s property.
The appointment is governed by the detail included in the security documentation which will set out or limit the Administrative Receiver’s powers, albeit addition powers derive from the Insolvency Act 1986.
The purpose of the Administrative Receiver is to take control of the Company in order to maximise realisations for the appointor, however they also have obligations in relation to other creditors.
In Administration
In Liquidation