WHOLESALER P&H has become the latest company to go into administration leaving employees out of a job.
The company, which provides tobacco to some of the UK’s largest supermarkets, has been crippled by debts and 2,500 jobs have been lost.
PA:Press Association
What does going into administration mean?
When a company enters administration, all control is passed to an appointed administrator.
The administrator must be a licensed insolvency practitioner.
Their goal is to leverage the company’s assets and business to repay creditors.
Once the administrator has taken over, a moratorium is placed around the company and stops all legal actions.
After the administrator takes over, there isn’t much that can be done to reverse the process….
Read the full article at: https://www.thesun.co.uk/news/4592022/administration-meaning-uk-companies-bust-ph-monarch/
