Administrative Receiver

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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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The process of administrative receivership is when an insolvency firm is appointed to control the whole or major part of a company's assets or property for the benefit of a creditor.
HIGH PERFORMANCE Vertu chief Robert Forrester snapped up a Midlands chain yesterday, the day it went into administrative receivership.
ASW, which employs more than 1,000 people in Cardiff and 300 in Kent, announced on Wednesday it was to go into administrative receivership as it could not rely on continued support from banks.
Colour Film Limited carried on business as a manufacturer of decorative film for window panes from Flaval House, in Caldwell Road, Nuneaton, and went into administrative receivership on December 10, 1999.
The then owners Jazz Enterprises went into administrative receivership in August last year with debts of pounds 1.6 million.
The management of the 22 companies under Koza ypek Holding has been under administrative receivership since Oct.
It was also home to the pounds 5m Gaia Energy visitor centre, which went into administrative receivership in 2003, within three years of opening.
But a statement released by receivers Kroll said: "Following the administrative receivership of the Dennis Ruabon Group, encompassing Dennis Ruabon Tiles Ltd and Dennis Ruabon Sales Ltd, on 30th January 2008, the Joint Administrative Receivers, Anne O'Keefe and Simon Wilson, Partners at Kroll's Corporate Advisory & Restructuring Group, are pleased to announce that the sale of the assets of Dennis Ruabon was completed on 1st February 2008.
A statement from administrators Kroll said: "The company entered into administrative receivership following a sustained period of weak trading conditions which has resulted in cash-flow difficulties.
Receiver PricewaterhouseCoopers said the 255 job cuts, which will hit most of the Teesside-based firm's 300-strong workforce, were necessary as no buyer had been found for the business, which went into administrative receivership last week.
The 360mw coal-fired power station, recently renamed Uskmouth Power, is situated near Newport in South Wales and has been in administrative receivership since March 2002.
Hibernia Foods Holdings, which employs 2,000 people at six sites across the UK, fell into administrative receivership in October.
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