An Administration Order can only be granted by the Insolvency Court once the conditions under Section 531 of the Insolvency Act are satisfied, to wit, a company is unable to pay its debts and if the order is made, the company is reasonably likely to achieve an objective of the administration....
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Where a company is in financial difficulties or otherwise insolvent, the director’s duty shifts to the interest of the creditors of the company. ...
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The Insolvency Act, 2015 (hereinafter referred to as “the Act) introduced the option of placement of a company under administration as opposed to the making of a liquidation order as soon as a company presents signs of insolvency....
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The existence of any business depends on how best it is managed, and the strategies put in place to ensure its eternity. To stay in business and possibly grow, companies take credit which in some instances remain unpaid when a company is facing financial challenges....
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A company is considered insolvent when it is unable to pay its debts when they fall due or when it is proved to the satisfaction of the Court that the value of the company's assets is less than the amount of its liabilities....
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