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A formal insolvency procedure that functions as a rescue mechanism for asset-rich but insolvent companies. The process can be initiated by directors, shareholders or floating charge holders, and is usually a precursor or alternative to liquidation. The company is placed under the protection of the court and the control of an administrator who will arrange for it to be:

  • Sold as a whole
  • Rescued as a going concern
  • Offloaded in parts to realise revenue for creditors
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