The team you need
You will need a licensed insolvency practitioner, agent and a specialist insolvency solicitor.
Only a licensed insolvency practitioner can be appointed as an administrator over a company.
The directors will either get to pick an IP of their choosing, or one will be chosen for them by the debenture holder (bank).
Usually the directors' chosen IP will be able to recommend a professional agent with the experience, qualifications and skills necessary to assist with dealing with the company’s assets.
A specialist insolvency solicitor will also be recommended by the IP to help with the administration application and the same solicitor is also usually used subsequently instructed and used by the IP for any post-administration legal work, such as the sale of the business contract.