IVA Glossary
A
Administrator
In insolvency related matters, it is required that the court or the holder of the floating charge himself will ask for an administrative receivership. This means, that there will be appointed an administrator (also known as administrative receiver), who will take up the responsibility of dealing with the company's financial aspects and all its assets in order to bring the company out of debt.
Sometimes, when there is not a positive outcome to this process, the administrator will implement all the necessary measures in order for the creditors to be able to recuperate their losses. The administrator may be represented by an accountant (certainly a professional who has a positive history in dealing with insolvency matters), or an insolvency practitioner.
Administrators may be appointed by the court itself, they may be privately-appointed professionals, or even by a government regulator. The administrator will supervise the process of distribution of the owed amounts to their creditors. The whole process of debt recuperation should be fair, with the administrator not overlooking both the creditor's and the company's best interests. Administrators are certified professionals who undergo constant supervising in order to make sure they respect the ethics of this profession.
Sometimes, when there is not a positive outcome to this process, the administrator will implement all the necessary measures in order for the creditors to be able to recuperate their losses. The administrator may be represented by an accountant (certainly a professional who has a positive history in dealing with insolvency matters), or an insolvency practitioner.
Administrators may be appointed by the court itself, they may be privately-appointed professionals, or even by a government regulator. The administrator will supervise the process of distribution of the owed amounts to their creditors. The whole process of debt recuperation should be fair, with the administrator not overlooking both the creditor's and the company's best interests. Administrators are certified professionals who undergo constant supervising in order to make sure they respect the ethics of this profession.
