Administrator For Estate
Description
How to fill out Georgia Administrator's Deed?
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FAQ
An administrator is also referred to as an executor. However, legally speaking, an administrator is appointed by a court when the decedent has not named an executor in their will or if a named executor refuses or is unable to assume the responsibilities. A court cannot force a named executor to fulfill their duties.
The major difference between an Estate Executor, otherwise known as Personal Representative, and an Estate Administrator is that the former is personally chosen by the deceased in their will, while the latter is appointed by the court if the deceased has died intestate (without a will).
For as long as the company is in administration your administrator will run your business. The administrator has control over your business during administration, eg they can cancel or renegotiate any contracts you have or make employees redundant.
After one year, if the executor doesn't complete their duties, beneficiaries may demand payment (possibly with interest) by taking the executor to court.
An administrator can be appointed by: the board of directors of a company taking a majority decision. the shareholders of a company at a general meeting. a qualifying floating charge holder ? meaning a debenture holder, usually a bank.