A constructive way of preserving a company’s business or achieving a better return for creditors than a liquidation. A licensed insolvency practitioner is appointed as administrator on the petition of either the company, the directors or one or more creditors.
This procedure involves the appointment of a licensed insolvency practitioner as an administrative receiver by a bank or other secured lending institution holding a floating charge debenture. The administrative receiver is appointed by the debenture holder when the business is deemed to be in default under the terms of the debenture.
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