An insolvency procedure involving the appointment of an administrator. An administrator takes control of the company on behalf of all the creditors of the company generally to manage its affairs, business and property with a view to achieving one of three statutory objectives:
- rescuing the company as a going concern
- achieving a better result for the creditors as a whole than if the company was wound up, or
- realising property to make a distribution to Secured Creditors.
The appointment of an administrator automatically imposes a Moratorium on any enforcement or other legal action by a creditor of the company.