When a company gets into financial trouble an administrator may be appointed to help the company through the difficult times and start trading again if possible.
Administrators can be appointed to a company that is unable, or is likely to become unable, to pay its debts. They can be appointed by the court (on application from a creditoror a director), the holder of a qualifying floating charge over the assets of the business, or, the company and its directors.
An administrator's primary role is to rescue the company as a going concern. If this is not possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up.
If neither of these solutions are possible, the administrator will sell the company's property and assets to make at least a part-payment (dividend) to one or more secured or preferential creditors employees or the bank).
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