Cadac Electronics In Financial Tailspin
LUTON, England – After 40 years of operation, the Directors of Cadac Electronics plc announced that the company is to be placed into administration following a sudden and unexpected fall-off in anticipated sales of the company's analog products in the coming months. Anthony Kent of Maidment Judd, Harpenden, has been appointed as administrator. (During administration, an administrator is placed in a company to run it in an attempt to save it. If this is not possible, the administrator will try to achieve the best results for creditors. Different countries use different terms to describe financial insolvency. In the UK, the term bankruptcy applies to only individuals and partnerships. The closest equivalent to “in administration” in the United States is Chapter 7 bankruptcy. – ed.)
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