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"Re; Liquidation"
A review of Olan Mills by ANON - Monday 2nd of July 2007
I don't know who owns the company now or whether it is a limited company dependent upon loopholes in the firms past trading exploits but this can sometimes happen...
administration
receivership
liquidation.
Administration is usually decided on by the directors/shareholders of the business in an attempt to rescue the company, hold off creditors for a while and hopefully find a buyer willing to purchase the, what is essentially a "lame duck" company.
Receivership usually happens when an outside body (lender/investor) decides that it needs to try and recover the money it has invested/loaned to the company. Essentially, the original management team is replaced by a team appointed by the lenders (sometimes it's usually a bank). They will manage the company until the funds are recovered. If the funds ARE recovered, they often hand back control to the original directors. If not, they may proceed to the next stage, liquidation.
Liquidation - this is the end. The company is dissolved and its assets disposed of. The funds from the sale of the assets are used to pay off the moneys it owes and it ceases trading. Liquidation can be decided on by the company's own directors or it can be applied for by outside creditors such as banks themselves, inland revenue and/or suppliers etc.
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