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Overview
Administrations are primarily geared towards promoting the recovery of Companies that are or are likely to become insolvent by placing them under the control and guidance of a qualified Insolvency Practitioner (“IP”) at AABRS. Each administration must aim to achieve at least one of the following purposes, which are to be considered in order:

a. To rescue the Company as a going concern;
b. To achieve a better result for creditors as a whole than in a liquidation scenario;
c. To realise the Company’s property in order to make a distribution to its preferential and secured creditors.

The IP as Administrator has the power to continue…

A Company Voluntary Arrangement (CVA) allows the Directors of a struggling Company to make a formal arrangement with its creditors. Typically, the company will either offer to delay or compromise payment of its existing debts usually over a period of one to five years or alternatively…

This procedure permits a Company to be forcibly wound up following the presentation of a petition at court. It is primarily instigated by creditors who have exhausted all other routes to recover the amount due to them from a Company. It may also be an appropriate course of action where there is “management deadlock” within a Company, resulting in the Directors or shareholders being…

A Creditors’ Voluntary Liquidation is a process which enables Directors to formally close an insolvent company. A benefit of a CVL is that unlike in a Compulsory Liquidation, directors’ are able to nominate their own Liquidator. The Liquidator once appointed, will deal with realising any assets of the company and making distributions to creditors.

This procedure enables the Directors of a solvent Company to bring the business to a close via a formal process. This may be appropriate in cases where the business has simply ceased to trade, where shareholders wish to obtain a tax-efficient release of their capital ahead of retirement or…