Glossary Of Debt Management & Financial Terms
Administration Order
An order made by the Court in small bankruptcy cases - if liabilities are no more than £5,000 the Court issues an Administration Order for the repayment of debts by instalments.
A court order that can be applied for by a debtor when they owe less than £5,000, have one or more County Court Judgments (CCJ's) and two or more creditors. The courts charge 10% of what you pay to cover their costs and during the order no creditor listed in this can take further action or contact the client via written communication. Similar to Debt management Plan (DMP) and Individual Voluntary Arrangement (IVA)
