Once in administration, the administrator takes over the day to day management and control of the company. As a director, you will no longer have control as all decisions are taken by the administrator. If the Company is to continue to trade whilst in administration, the administrator will assess the Company’s position to ensure it will be supported by its suppliers, employees and any other key stakeholders during the trading period. Funding will also be reviewed.
The business and assets will be marketed for sale and subject to any offer being accepted, will be transferred to the successful purchaser.