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Business recovery and insolvency

Administration

  • Business recovery and insolvency
  • A creditor who is owed money by a company or an individual
  • Administration

If you are a creditor of a company that enters administration

The appointed administrator will notify you of their appointment if you are shown to be a creditor from information contained within the company’s books and records. As a creditor, you have certain rights and can play an active role in the process.


What information will I receive as an unsecured creditor?

The administrator will notify all creditors as soon as reasonably possible.

A copy of the administrator’s proposal will be sent to all creditors within eight weeks of their appointment. This will set out how the objectives of the process will be achieved.

After approval of the proposals, a report on the progress of the administration will be sent to all creditors every six months until the expiry of the administration order.

What if I want to take a more active role in the process?

A creditors’ committee can be appointed at a meeting of creditors. The committee must have at least three members and not more than five. The committee receives reports from the administrator, and may physically meet if deemed necessary.

Unsecured claims

If sufficient realisations are made by the administrator, they may be able to agree the claims and pay a dividend, although this may only be achieved by a court order. If this route is not taken, the company will be placed into creditors’ voluntary liquidation, and the appointed liquidator will adjudicate on all creditor claims, and pay a dividend.

Third-party goods

If you believe you have property in the company’s possession, you should contact the administrator immediately, upon their appointment. You will be given the opportunity to identify your goods, and, if appropriate, the administrator will release the goods in question or recompense you for any loss suffered.

Dean Nelson, Nicholas Lee, Andrew Stevens and Michael Roome are all licensed in the United Kingdom to act as Insolvency Practitioners by the Institute of Chartered Accountants in England and Wales. They are bound by the Insolvency Code of Ethics which can be found here.
When acting as Receivers, Administrative Receivers or Administrators they act as agents only, without personal liability and when acting as Administrators, the affairs, business and property of the company are being managed by them.
When taking appointments, they are Data Controllers of personal data as defined by the Data Protection Act 1998 and the General Data Protection Regulations 2018. Smith Cooper will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the appointments which they take. For further details, see the firm’s Privacy Policy.

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Related Services

  • Business recovery and insolvency
  • Winding-up petition
  • Bankruptcy petition
  • Creditor services

Meet the experts

Dean Nelson

Partner

Based in Derby

Nick Lee

Partner

Based in Birmingham

Michael Roome

Partner

Based in Nottingham

Andrew Stevens

Director of Insolvency

Based in Derby

Emily Oliver

Insolvency Manager

Based in Derby

Kimberley Wapplington

Insolvency Manager

Based in Nottingham

Marina Bray

Insolvency Manager

Based in Birmingham

Sam Thompson

Creditor Services & Court Department

Based in Nottingham

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