Following the bill’s report stage in the House of Commons on 14 January 2025, the Second Reading took place in the House of Lords on 4 February 2025. This session provided the members with an opportunity to debate the main principles and...
Administration is a formal insolvency procedure whereby an insolvency practitioner is appointed by either the directors, the company or the holder of a qualifying floating charge (usually the bank or other financial institution).
An administration usually allows the business to continue trading throughout the process and provides protection against any enforcement action taken by creditors.