Administrative receivership
Administrative receivership is the most common form of receivership and is a procedure normally utilised by a bank (or other lending institution), which has the major part of a company’s assets as security for a loan.
Only a licensed insolvency practitioner can be appointed administrative receiver of a company. Their duty is to realise the assets for the best possible value for distribution to secured, preferential and unsecured creditors.
Currently this form of insolvency procedure happens less frequently due to changes in legislation.
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