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e. As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under ...
Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when ...
t. e. Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible.
The company announced that its British arm was entering administration (similar to bankruptcy protection in the U.S.) on Monday, just a week after it received a notice from Nasdaq, the U.S.’s ...
If a company has gone into an insolvency procedure, administrators or liquidators should aim to realise the greatest amount in assets to distribute to creditors. [163] The effect is to alter orthodox private law rules regarding consideration , creation of security and limited liability .
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The i3 Group website now says i3 is a worldwide technology licensing company rather than an infrastructure delivery and operation company as originally announced. It was reported on 7 June 2011 that i3 Group has gone into administration.
MICHAEL R. SISAK. August 1, 2024 at 10:01 PM. NEW YORK (AP) — Two months after his felony conviction, Donald Trump still isn’t allowed to say everything he wants about his historic hush money ...