Administration

Administration in Ascoms started freeConnect with usPlease note that this article is intended for educational purposes only and should not be deemed to be or used as legal, employment, or health & safety advice. For guidance or advice specific to your facility consult with a qualified professional.Discover everything you need to know about what happens when a company goes into administration, what the insolvency process is and how it impacts a business.What does administration mean?The definition of administration varies depending on what you read but in essence a company goes into administration when it no longer has enough money to meet its debt obligations, expenses and other liabilities - the company has become insolvent.Insolvency can prove a death knell for companies, and may result in their going out of business. However, under the Insolvency Act 1986, a struggling yet ultimately viable business may be rescued by the process of administration.