Liquidation Notice of end of administration when purposes achieved
Notice of End of Administration When Purposes Achieved refers to a legal document that signifies the conclusion of the administration process for a company after the administrator has accomplished the objectives or purposes set out at the beginning of the administration.
Administration is an insolvency procedure aimed at rescuing or restructuring financially distressed companies. When a company enters administration, the appointed administrator takes control of the company’s affairs and works towards achieving specific goals, which are typically outlined in a Statement of Proposals or an initial objectives statement. These goals may include, among others, rescuing the company as a going concern, selling its assets, or making arrangements with creditors.
When the administrator has successfully accomplished the objectives stated at the outset of the administration, they will prepare and file a Notice of End of Administration When Purposes Achieved. This notice serves as a formal notification to creditors, shareholders, and other interested parties that the administration process has reached its intended goals and is coming to an end.
The Notice of End of Administration When Purposes Achieved typically includes information about the date of conclusion of the administration, a summary of the achievements made during the process, and any significant outcomes that have been attained. It may also provide details about the final distribution of funds to creditors, if applicable.
Once the Notice of End of Administration When Purposes Achieved is filed and approved by the court, the administration process is officially terminated. The administrator’s powers cease, and the company’s directors regain control over the company’s operations.
It is important to note that the conclusion of administration does not necessarily mean that the company is fully recovered or out of financial distress. The company may need to implement further measures, such as a company voluntary arrangement or liquidation, to address any remaining issues or obligations.
These notices are filed with Companies House against the registered company number. All UK company liquidation notices and updates are tracked centrally by Doorda.