📰 Administration extension order

About this category

An administration extension order is a court order that allows a company to continue to trade and avoid being wound up for a period of time. The order gives the company time to pay its debts, although it may require the company to make regular payments to its creditors. The order may also place restrictions on the company’s activities, such as banning it from taking on new debt.

📰 Administration extension order

templates

Proposed Order For Application to Extend the Term of Administration for a Company

This is a draft order for an extension of a company's administration, under paragraph 76(2)(a) of Schedule B1 to the Insolvency Act 1986.

What to watch out for

The order should be made on the application of the administrator, and not any other party

The order should be made on the grounds that it is necessary for the purpose of protecting the interests of creditors

The order should be made for a period not exceeding 12 months from the date of the original order

The order should be made on such terms and conditions as the court thinks fit

Publisher

Genie AI

Jurisdiction

England and Wales

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Associated business activities

Extend company administration

1. Administration extensions are often used when a company is facing financial difficulties and is seeking to avoid insolvency. 2. Administration extensions can also be used to allow a company more time to restructure its affairs and come up with a plan to repay its creditors. 3. Finally, administration extensions may be sought in order to give a company more time to sell off assets or raise new capital.

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Legal firms who might be able to help

Note: Although we list lawyers as well as legal firms who may be able to help, this does not indicate that the listed law firms have an affiliation or partnership with Genie AI.