This is more a remedy for a secured creditor who has a floating charge over the company's assets and fixed or floating security over all or substantially all of the company's assets, rather than an insolvency proceeding in its strict sense.
Administrative receivership allows the charge holder to appoint an administrative receiver in order to manage and sell the company's business and assets.
It is important to note that where a floating charge was created on or after 15 September 2003, administrative receivership is no longer available except in limited circumstances, as a remedy to enforce that security.
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