Originally Posted by OPFW
Administration
The role of an administrator is to get the company out of trouble and trading again if possible.
Administrators can be appointed to a company that is unable, or is likely to become unable, to pay its debts.
Administrative receivership
An administrative receiver is an insolvency practitioner who has control of the whole, or a substantial part, of the company's property and wide powers over the business.
The administrative receiver is mainly concerned with getting back the money owed to the secured creditor. The administrative receiver may sell the assets piecemeal, or sell the whole business as a going concern to pay off the secured creditor, and the costs of the receivership.
OPFW
Thanks for the clarification, although their roles appear very similar to the layman. Both have the word Administrative, presumably reflecting the control exercised by both types of appointees?
Which situation is Emerald in, and does it matter anyway if it cannot meet its debts as they fall due and/or it has net liabilities and no new owner can be found?
Could either/both appointees recommence trading the business if the AOC is restored?
Can either allow further debts to accrue after they are appointed if they were to recommence trading?
Is it correct that the staff are still accruing pay if they have not been advised of their dismissal?
Management info given to crews attending CRM yesterday was that it would restart but implication was that only HS748 would be flying and that redundancies were innevitable.