Partnership administration orders explained
This procedure is designed to protect partnerships from creditor action while a
restructuring or sale plan is developed.
Following changes to legislation introduced in September 2003, the administration
procedure is now streamlined which has resulted in reduced costs and better returns to
creditors. An Administrator can be appointed by filing documents at court and with a
few exceptions, the administration must be concluded within a year.
The administration must achieve:
1) Rescue of the partnership as a going concern or if that is not possible
2) Achieving a better realisation of the partnership's assets than in a liquidation
Only if the neither of the first two purpose are possible, can the administrator use the
third purpose:-
3) Realising property in order to make a payment to the partnership's secured or
preferential creditors
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