Administration or Company Voluntary Arrangement are the processes by which a company or its directors or a qualified creditor are able to appoint an Insolvency Practitioner to run the affairs of a company which has got into difficulties or defaulted on the terms of a charge.
Since the Enterprise Act 2002 came into force, the ability of charge holders to appoint a Receiver is now substantially curtailed and usually Administration will be the preferred option. With MacRoberts having a Licensed Insolvency Practitioner in our Corporate Recovery Group, we are able to provide advice to charge-holders, the company and its directors and to potential purchasers.
Where the insolvent company has substantial assets outwith the UK, there may be particular reasons why administration, even if competent, may not be appropriate. Having advised on or conducted hundreds of cases, we are able to draw on our expertise to provide solutions for clients.