Administrative Receiver

Administrative Receiver

In corporate bankruptcy, a custodian appointed by a court or regulator who is charged with the administration of all assets and debts. The administrative receiver's duty is to pay off as many debts as possible as cheaply as possible without liquidating the company. In general, this means the receiver restructures the company to put it on a path toward solvency. See also: Receivership.
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Joint administrative receiver Roger Marsh said: 'We shall be holding urgent talks with suppliers over the course of the next few days and believe that with their support we have the best chance to try and secure a future for the plant.'
But Tom Burton, of E&Y who is joint administrative receiver, warned investors, many of whom have already seen the value of their holding fall by 90pc, that they may not get any money back.
Adrian Berry, Joint Administrative Receiver at Deloittes said: "The hotels have, to varying degrees, been affected by the poor market conditions of recent times, and have good underlying businesses in central locations, making them an attractive opportunity for prospective purchasers.
An administrative receiver's report on Hulse (Electrical Contractors), which collapsed in September, shows unsecured creditor claims from 456 different parties.
Ross Connock, joint administrative receiver and director at PwC said: "We are pleased to have secured a sale of the business to Gerald D Harries &Sons that protects 66 jobs in West Wales and secures value for the creditors of F.H Gilman.
Joint administrative receiver Roy Bailey said: "Marriott will continue to operate the hotels and this decision will not affect customers, suppliers or employees of the hotels."
The administrative receiver of Buczek Automotive was also reluctant to discuss the case, but when pressed about the firm's future, he conceded: "It doesn't have a future."
Shortly after the appointment of Price Waterhouse Coopers as administrative receiver the warehouse management systems division was sold to Anisa UK, and its shipping and logistics division was sold to Nottingham-based Four Soft UK, involving the switch of all the UK staff and most 126 overseas employees in India, Singapore and America to the new owners.
AnswerCall Direct, which operates out of Armagh, has called in PricewaterhouseCoopers (PwC) as joint administrative receiver after hitting problems following the loss of contracts.
Situated in east Glasgow, the company, which employs 230 workers, has been operating under joint administrative receiver Iain Bennet from PricewaterhouseCoopers.
Nobuyuki Hirabayashi, former chairman of Tsuneishi, will serve as an administrative receiver, the company said.
Joint administrative receiver Andrew Andronikou issued a statement to the creditors.
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