Who do administrators answer to?

[Pork]

As per the title, I'm interested to know who administrators answer to?

I'm sure there are a couple of adminstrators on here who could answer this.

As there seems to be a lot of admin work going on at present, I was interested to know who the administrators answer to? I've seen a couple of instances of late where seemingly viable businesses with lots of assets are put in to administration (cashflow or loan issues) and are driven to ruin quicker than they were under the management (I know its sometimes a legal issue which causes admin.)

So, who do the administrators answer to? Who signs off their fees? Who agrees that what they're doing is fair and the prices they're getting for assets is the best price and is in the interest of stakeholders?

Cheers
Pork

[J-Skid]

They owe their duty to the court. They aim is to collect as much cash in as possible for the creditors generally, although there are certain controls (prescribed part) etc.

They can be appointed by the court, or out of court by a qualifying floating charger holder, or invited in by the directors.

This is all very different from the old Admin Receivers.

Edited by J-Skid on Wednesday 25th March 23:19