Administration Flashcards
1
Q
Situation
What does administration aim to do?
A
Aims to rescue the company
2
Q
Reasons
What does it try to do?
What does it try to achieve?
What does it try to realise?
A
Rescue company in financial difficulty
Better results for creditors
Property to pay creditors
3
Q
Petitioners
Who in response to who?
Holder of what?
Or?
A
Court in response to petition from creditors
Holders of floating charges
Company or its directors
4
Q
Effect What is suspended? What is stated in what? What is dismissed? What cannot be passed? What is appointed? To do what?
A
Rights of creditors to enforce debts
Company documents stated in administration
Any petition for winding up
Resolution to wind up
Insolvency practitioner to administer companies affairs
