MEAT supplier Russell Hume has become the latest large company to make headlines for going into administration.
The company, which supplied chains such as Wetherspoon and Jamie Oliver restaurants, is facing the loss of 270 jobs. Here’s what calling in the administrators means…
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…
Read the full article at: https://www.thesun.co.uk/news/4592022/administration-meaning-uk-companies-bust-carillion-russell-hume/