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Legal Terms - Administration
Administration is defined as the time during which the management, operations, and transactions of an organization or business take place.
The management of a company's property is overseen by a competent *insolvency practitioner who is referred to as an administrator. The provision can be found in schedule B1 of the Insolvency Act 1986. The court has the authority to appoint an administrator under an administration order. Alternatively, the company or its directors, or a qualified floating charge holder, can also appoint an administrator. The administrator is required to carry out his duties in the best interests of the company's creditors as a whole. These duties are guided by three objectives, listed in order of importance: 1. To save the company and keep it operating as a viable business (the primary objective). 2. To obtain a better outcome for the company's creditors compared to what would be achieved if the company were liquidated. 3. To sell assets and use the proceeds to make payments to secured or preferential creditors.
Probate is the process of gathering a deceased person's assets, settling their debts, and distributing their property to the beneficiaries. Additionally, please refer to the grant of representation.
The issuance of letters of administration of the estate of a deceased individual to an administrator, in cases when there is no executor named in the will.
The execution of responsibilities mandated by a trust in relation to the assets of an individual suffering from mental incapacity or insolvency.
Administration is defined as the time during which the management, operations, and transactions of an organization or business take place.
The management of a company's property is overseen by a competent *insolvency practitioner who is referred to as an administrator. The provision can be found in schedule B1 of the Insolvency Act 1986. The court has the authority to appoint an administrator under an administration order. Alternatively, the company or its directors, or a qualified floating charge holder, can also appoint an administrator. The administrator is required to carry out his duties in the best interests of the company's creditors as a whole. These duties are guided by three objectives, listed in order of importance: 1. To save the company and keep it operating as a viable business (the primary objective). 2. To obtain a better outcome for the company's creditors compared to what would be achieved if the company were liquidated. 3. To sell assets and use the proceeds to make payments to secured or preferential creditors.
Probate is the process of gathering a deceased person's assets, settling their debts, and distributing their property to the beneficiaries. Additionally, please refer to the grant of representation.
The issuance of letters of administration of the estate of a deceased individual to an administrator, in cases when there is no executor named in the will.
The execution of responsibilities mandated by a trust in relation to the assets of an individual suffering from mental incapacity or insolvency.
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