For those of you unclear as to some of the comments made by Administrator Paul Appleton earlier today including the three purposes of Administration, this is what he on about:
- Rescuing the company as a going concern. (Note: this purpose is to rescue the company as opposed to rescuing the business undertaken by the company.)
- Or, achieving 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, realising property to make a distribution to one or or more secured or preferential creditors.
Also worth reading is http://www.purnells.co.uk/limited-company/administrations/what-are-the-purposes-of-administration.html