Rescue the company as a going concern
Achieve a better results for the creditors than winding up
Realise the company's assets to make a distribution to one or more preferential or secured creditors
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How can apply for the appointment of an administrator
The company
The directors
One or more creditors
Qualifying Floating Charge Holder
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How can a company appoint an administrator
By ordinary resolution
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What must an administrator so within 7 days
File notice of their appointment
Require any of the company's officers or employee to provide a statement of affairs (they have 11 days to do this)
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What must an administrator do within 8 weeks
Submit a statement of their proposals for achieving the aim of administration
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When is an administrators appointment terminated
After 1 year unless extended by the courts or (only once) by a prescribed majority of the creditors
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What are the two types of receiver
Administrative
Fixed Charge
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What is needed for a members voluntary winding up
A declaration of solvency
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What is the punishment for a director who makes a declaration of solvency without reasonable grounds for it
It is a criminal offence punishable with a fine or imprisonment
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For a creditor to petition for compulsory liquidation what must they show
They are owed more than £750 and have served a written demand to the company which has been ignored for 21 days
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When is a floating charge void
If created within 12 months before winding up or 2 years if to a connected person
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