Role of Administrators and Liquidators in Commercial Contracts | |
In business, there are times when a company encounters financial difficulties, potentially leading to insolvency. When this happens, administrators and liquidators play pivotal roles in managing the company’s affairs, particularly concerning commercial contracts. Understanding their responsibilities can be crucial for businesses, creditors, and suppliers. In this blog, we explore the role of administrators and liquidators in commercial contracts, focusing on the UK legal context. Before diving into their roles in commercial contracts, it’s important to understand who administrators and liquidators are and their functions in insolvency. Administrators are professionals appointed to manage an insolvent company that may still have a chance of recovery. They aim to rescue the company or achieve a better result for creditors than an immediate liquidation. Liquidators, on the other hand, are appointed when a company’s assets need to be sold and its affairs wound up. The aim is to distribute the proceeds from selling the company’s assets to creditors and, ultimately, close down the business. Both administrators and liquidators are often insolvency practitioners, meaning they’re legally qualified and have the expertise to handle complex financial and legal matters. Their involvement can affect commercial contracts and the rights of the parties involved. | |
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| Target State: All States Target City : Norwich Last Update : Apr 25, 2025 3:05 AM Number of Views: 14 | Item Owner : Jamie Playford Contact Email: Contact Phone: 08002461845 |
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