An insolvency process in which an administrator is appointed to take control of the affairs of an insolvent company.
The objectives of the administration are to either;
- rescue the company as a going concern, or
- achieve a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration), or
- realise property in order to make a distribution to one or more secured or preferential creditors.