Administrative receivership is a type of solution for a secured creditor.
This type of creditor is one who, has a floating charge over the company’s assets. This can be a fixed, or floating security over all. This can also be all of the company’s assets. This is not strictly an insolvency proceeding at this point.
It will then allow the charge holder, to appoint an administrative receiver. A charge holder is the owner of a legal interest in an asset. Put into place to manage, and then to sell the company’s business and their assets.
It is important to note, however, that where a floating charge was created, on or after 15 September 2003, administrative receivership is no longer available. This is the case except for in limited circumstances, as a remedy to enforce that security.
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