Liquidation Notice of the extension of period of administration
A Notice of the Extension of Period of Administration refers to a legal document that informs creditors, shareholders, and other interested parties about a court’s decision to extend the duration of the administration process.
Administration is a formal insolvency procedure designed to rescue or restructure a financially distressed company. It involves the appointment of an insolvency practitioner, known as an administrator, who takes control of the company’s affairs to achieve the best possible outcome for creditors.
During the administration process, there is typically a specified period within which the administration must be completed. However, in certain cases, the administrator may require additional time to achieve the objectives of the administration or to address unforeseen circumstances. In such situations, the administrator can apply to the court for an extension of the administration period.
If the court approves the application for extension, a Notice of the Extension of Period of Administration is issued. This notice serves as a formal notification to creditors, shareholders, and other interested parties about the court’s decision to extend the duration of the administration process. It may include the reasons for the extension, the new end date of the administration period, and any additional instructions or actions required from the parties involved.
The extension of the administration period allows the administrator to continue their work in implementing the restructuring or recovery plans for the company. It provides the necessary time to complete ongoing negotiations, secure funding, or address any other outstanding matters that are crucial for the successful outcome of the administration.
Creditors, shareholders, and other interested parties should carefully review the Notice of the Extension of Period of Administration to understand the implications of the extended administration period and any adjustments that may be made to the original timeline or plans. It is important to stay informed and engaged throughout the administration process to protect their interests and make informed decisions.
These notices are filed with Companies House against the registered company number. All UK company liquidation notices and updates are tracked centrally by Doorda.