It was thought that this would be in the interests of creditors and could save many jobs which may be at risk if the administration orders
were not made and the group was placed in liquidation.
Kwik Save said it had secured a court adjournment to an application for an administration order
to give directors more time to agree a re-financing package aimed at securing the future of the business.
These notices comprise voluntary liquidations, compulsory liquidations, administration orders
, receiverships and voluntary arrangements.
3 per cent annual rise in administration orders
follows the implementation of the Enterprise Act 2003 which gives additional breathing space for companies in financial difficulties.
July 15 /PRNewswire-FirstCall/ -- Collins & Aikman Corporation announced today that its European companies have obtained a "group wide" Administration order
pursuant to the jurisdiction of the English High Court in London.
the High Court of Justice for an Administration Order
The areas most hit by administration orders
were London (up 243%), Scotland (up 88%) and Wales (up 83%) during 2006.
are also on the increase - up 55 per cent on the same period last year.
The regions, with the highest number of administration orders
were the South-east with 40 per cent, the Midlands with 18 per cent and the North East with 17 per cent.
have increased by 82 per cent over the same three-month period against 2003 and by 94 per cent over the period in 2002.
In contrast to the declining insolvency landscape, administration orders
have increased by 82% over the same period in 2003 and by 94% over 2002.
In comparison, administration orders
were up 11% and voluntary arrangements were up 9%.