Voluntary Cessation

When a business ceases operations on the decision of the owners. 

This could be for retirement, or change in career.

Voluntary Administration:

An administrator is a specialist firm that takes control over all operations. 

The main role of the administrator is to bring the business and its creditors together and to examine the business’ financial affairs.

The main aim is to turn the business around (renewal) so it can resume normal trading. If this is not deemed possible / desirable, this leads to liquidation.

If the shareholders and the board of directors of a company need help in turning the business around, they can voluntarily appoint administrators.