Creditors
FAQs for creditors:
What does ‘going into administration’ mean?
Going into administration means the company is being taken under the management of administrators who are licensed insolvency practitioners. The Joint Administrators assume control of the Company from its current directors.
Administration is one of a number of insolvency processes and is intended to either:
- Rescue the company as a going concern (primary objective)
- Achieve a better result for creditors as a whole than in liquidation (if rescue is not possible); or
- Realise property to make a distribution to secured or preferential creditors (only if (1) and (2) are not reasonably practical).
What is an administrator?
An administrator is an officer of the Court and is qualified to manage the affairs of a business when it is insolvent. It is their role to take control of a company’s affairs when it is in financial difficulty and try to find a longer-term solution for it.
The Joint Administrators act as agents of the company and without personal liability.
Who are the administrators?
The Joint Administrators are Ross Connock and Edward Williams of PricewaterhouseCoopers LLP.
Can I claim as a creditor?
If the Company owes you money prior to the administration appointment date, you will be an unsecured creditor of the administration estate. You can submit an unsecured claim for the amount you are owed in to the administration estate.
Creditors will receive a letter advising them how to submit a claim in the administration.
When will I get paid?
Payment for goods and services provided prior to the date of appointment will not be paid for as an expense of the administration estates.
All outstanding amounts at the date of the Joint Administrators’ appointment rank as an unsecured claim in the administrations.
Will you refund the costs incurred in preparing a claim?
We are unable to refund the costs in preparing a claim. Consequently, we cannot refund any expenses incurred in obtaining information necessary to make a claim.
For all other queries, please email: Uk_hiveenergy_enquiries@pwc.com
