Administration – I can’t afford to make my administration payments

If an individual is unable to make their monthly administration payments, their Administration Order could be cancelled and they could face bankruptcy.

If a business which has entered in to the admin istration process to be rescued as a going concern is unable to make their monthly payments, they could end up being liquidated.

If you find yourself in this situation, there are steps you can take to attempt to rescue the administration process.

• If your circumstances have changed, you can apply to change the amount you pay each month
• You can also apply to change your monthly payment amount if you feel the court has set your payment level too high.
• Your change of payment application to court should include a budget sheet to show how you have worked out your offer.
• The court is able to change the payment amount stated on your Administration Order.
• The court is also able to cancel your Order if you miss payments.

If your Order is cancelled, your creditors can pursue you for the debt you owe them. They are allowed to peruse you for the full amount, even if you have a composition order.

More information

• Administration – What is administration?
• Administration – The administration process
• Administration – What is a composition order?
• Administration – What is an administrative receiver?
• Administration – Voluntary and involuntary administration
• Administration – The advantages of administration
• Administration – The disadvantages of administration
• Administration – The alternatives to administration
• Administration – Insolvency and administration

Downloads

• Administration Fact Sheet (Insolvency Helpline)