News Local More than 400 companies under administration

More than 400 companies under administration

Disputes between borrowers and banks has seen individuals resorting to Courts  while banks are taking legal steps in  support of their demands.

According to the Registrar of Companies and Official Receiver, 435 companies are currently under administration, with both the office of the registrar and authorities raising concerns over the administration process. In other words, if both debtors and creditors impose floating charges, then the bank  can appoint an administrator if it is proven that the terms of the agreement have been violated.

A bill  is currently before the House of Representatives, but  some political parties such as the Citizens’ Alliance and the Greens appear skeptical on whether or not the appointed administrators are suitable.

 

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