Expert Answer

Administration can be an intimidating process for many company directors, even more so it can offer you best chance of effecting the recovery and successful turnaround of a business if used properly.  Entering into administration is often seen as a punishment by many people and this is something that insolvent companies are given by the courts when they’re unable to pay. Although some administrators are appointed in this way, many company directors like to choose the voluntarily route appoint their own administrator independently.