an order by the court, providing for the administration of a company's assets during a given period. The person managing this is known as an Administrator.
If a court appoints someone to look after a company's affairs the court issues an administration order. This order gives the person appointed power to run the company.
If the debts of an Individual are less than £5,000, an application can be made to the local County Court for an Administration Order.The applicant must compile a statement of means and a list of creditors showing the amounts outstanding. The applicant is required to sign and swear or affirm a declaration to the effect that the application is a true record of their indebtedness. The Court will assess the application and will then propose an order that the applicant pays the debts in full or a percentage of the debt, by monthly instalments.