The final procedure available to rescue an insolvent company is administrative receivership. Only a floating charge holder having the benefit of a charge created on or before 15 September 2003 can appoint an administrative receiver, when a company is in default or in breach of the terms of its borrowing.
The licensed insolvency practitioners at WSM Marks Bloom are able to act as your Administrative Receiver, similar to the role of Administrator, and are able to continue to operate the business whilst trying to sell it as a going concern. The assets realised are distributed to the floating charge holder.
If there are funds remaining once the receiver has finished the work, these will be passed to a separately appointed liquidator to distribute to the general body of creditors.
If you have any questions on any of the above, please contact Doug Pinteau.