48-674: Eastern Counties may refer to: First Eastern Counties , English bus operating company formerly known as Eastern Counties Omnibus Company, now as First Norfolk & Suffolk Eastern Counties Football League , football league in eastern England Eastern Counties Railway , English rail company which became part of the Great Eastern Railway in 1862 Eastern Counties Regional Library , public library system in Canada Eastern Counties Rugby Union ,
96-537: A legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States . It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be
144-405: A " provisional liquidator " to temporarily preserve the company's assets while the winding-up application is pending. Administrators are required to be registered liquidators since they have broad powers to deal with company property. The appointment of an administrator "freezes" any legal proceedings against the company and control of the company is given entirely to the administrator. Directors of
192-413: A "receiver" is appointed by a secured creditor to sell off a company's assets in order to repay the secured debt , or by the court to protect the company's assets or carry out other tasks. Voluntary administration is when the directors of an insolvent company appoint an external administrator to investigate whether winding up the corporation can be prevented or delayed and to make recommendations to
240-419: A deal to sell its assets to a buyer before appointing administrators to facilitate the sale. It is a legal way of selling the business on to a trade buyer or third party. A pre-pack is the process of selling the assets of a company immediately after it has entered administration. It is sometimes the case that the previous directors or management purchase the assets of the company from the administrator and set up
288-490: A debtor who has enough money left over after priority creditors and essential expenses may be able to arrange an individual voluntary arrangement. (Debtors with less serious problems may prefer a debt management plan .) The Republic of Ireland operates a similar process called examinership , but companies require permission from the High Court to enter and leave examinership. In New Zealand , voluntary administration
336-676: A direct bus service numbered X41, running between Norwich and Bungay in Suffolk via Ditchingham , as part of the Charcoal colour line. This line was launched in April 2016 with service 40 from Norwich to Poringland . The Network Norwich operation was one of five FirstGroup operations to begin taking delivery of battery electric buses in 2023, funded through the Zero Emission Bus Regional Areas (ZEBRA) grant from
384-541: A few hundred meters away from Ness Point . First Ipswich operates within and around the town of Ipswich to a radius of about 30 miles (48 km). The Ipswich services operate out of one depot situated on Star Lane, just a few minutes walk from the town's bus station in the Old Cattle Market. A guided bus system named 'Superoute 66' was established in February 1995, running between Ipswich town centre and
432-451: A floating charge created prior to 15 September 2003 retain their right to appoint an administrative receiver, but all purported rights to do so created after that date will be construed as rights to appoint an administrator, subject to certain specific, rare exceptions. A court order is issued that forbids any form of legal or insolvency action without the court's permission. An application to the court for an administration order may be made by
480-598: A guide by Snaptrip as one of the most scenic bus routes in the United Kingdom. From April until September, six Coastal Clipper Cabriolet-branded open-top buses based at Great Yarmouth are operated on seafront service 1C. This service was launched in March 2021 and runs seasonally between Hemsby Beach and the Great Yarmouth seafront via Hemsby, Scratby and Caister-on-Sea. Administration (law) As
528-605: A more flexible regime is available under the Companies' Creditors Arrangements Act ("CCAA"). In UK law, the administration regime is governed by the Insolvency Act 1986 , as amended by the Enterprise Act 2002 . An "administrator" can be appointed without petitioning the court by the holder of a floating charge (created since 15 September 2003), by the company or by its directors. Other creditors must petition
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#1732772244640576-461: A new company. This process has advantages in that it enables the administrator to realise a greater amount for the assets due to business continuity and that the goodwill of the company is preserved. The employees of the company are also usually transferred to the new company, preserving jobs. Pre-packs have attracted criticism because of the appearance it gives to unconnected parties that the company has just continued without its creditors. SIP 16
624-707: A number of seaside resorts in Norfolk and Suffolk, with service 99 using closed-top buses branded in blue livery, serving Lowestoft and Southwold via Pakefield and Kessingland ; service 99 briefly gained a 99A variant linking Bungay and Southwold, running five times a day, following the withdrawal of services by Go-Ahead Group owned Konectbus in early 2019. Coastal Clipper buses also operate on services 1 and 1A, serving Hopton-on-Sea and Lowestoft via Martham , Hemsby , Caister-on-Sea , Great Yarmouth and Gorleston-on-Sea; service 1A would receive recognition in June 2023 in
672-424: A precursor to it. Administration is commenced by an administration order . A company in administrative receivership is operated by an administrator (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors . The administrator may recapitalize the business, sell the business to new owners, or demerge it into elements that can be sold and close
720-456: A red livery and featuring high-specification interiors, next stop announcements and camera mirrors. Prior to July 2014, the Excel and X1 operated as a single service straight through from Peterborough to Lowestoft, 107 miles (172 km) end-to-end. The Excel is operated by King's Lynn outstation - the only service operated by the outstation - whilst Great Yarmouth and Lowestoft depots operate
768-614: A rugby union governing body and rugby team in England Eastern Counties 1 , an English level 9 Rugby Union League Archant , newspaper publishing company in eastern England known as Eastern Counties Newspapers until 2002 National Union of Agricultural and Allied Workers , former trade union in the United Kingdom initially known as the Eastern Counties Agricultural Labourers & Small Holders Union Topics referred to by
816-410: Is a process designed to protect limited companies from their creditors while a debt restructuring plan is carried out and presented to creditors and courts. This administration order process requires a licensed insolvency practitioner to act as the administrator appointed by the court. The administration order does not concern joint debt. Pre pack is an insolvency procedure where a company arranges
864-404: Is an independent person that is formally appointed to control an insolvent company's affairs. External administrators can be appointed either by the company's directors, a secured creditor , or by a court, and include: provisional liquidators , liquidators , voluntary administrators, deed administrators , controllers , and receivers . A receivership is when an external administrator known as
912-407: Is an officer of the court and an agent of the company, and is not personally liable for any contracts they make on behalf of the company. They have the power to do anything necessary or expedient for the management of the affairs, business and property of the company. The new administration regime introduced by the Enterprise Act 2002 replaces the previous situation where administrative receivership
960-523: Is covered by the Companies Act 1993 , as amended under the Companies (Voluntary Administration) Regulations Bill in 2007. In Ukraine, a system of "sanation" ( Ukrainian : санація ) measures take place to prevent or lessen the effect of insolvency. The basic components of those measures include providing special loans and subsidies; exemptions for issuing a credit or taxation; restructuring of
1008-507: Is different from Wikidata All article disambiguation pages All disambiguation pages First Eastern Counties First Eastern Counties is a bus operator providing services in Norfolk and Suffolk in eastern England. It is a subsidiary of FirstGroup and has five depots in operating areas spread out across East Anglia . These areas are Norwich , Ipswich , Great Yarmouth , Lowestoft and King's Lynn . In July 1931,
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#17327722446401056-440: Is operating efficiently, with enough freedom of competition between insolvency practitioners and whether consumers and creditors are being treated as fairly as possible. An example of a pre-pack is the sale of the assets of Cobra Beer to Coors immediately after Cobra Beer entered administration. This allowed the brand to continue and saved jobs, but also left suppliers out of pocket by an estimated £75 million. In this process,
1104-604: The Eastern Counties Omnibus Company was formed with a fleet of 534 buses out of the merger of four existing bus companies in East Anglia: Eastern Counties Road Car Company of Ipswich, Ortona Motor Company of Cambridge and Peterborough Electric Traction Company , which were all owned by Tilling & British Automobile Traction and United Automobile Services ' East Anglia services. Upon completion of
1152-632: The National Bus Company in February 1987 through a management buyout , which was followed by its coaching operations transferring to Ambassador Travel of Great Yarmouth in December 1987. An Eastern Counties Bristol VRT double decker bus made international headlines when it fell rear-first into a 26 feet (7.9 m) sinkhole formed from a medieval chalk mine running underneath Earlham Road in Norwich on 3 March 1988. The driver of
1200-528: The Tilling & British Automotive Traction group on various chassis. By the end of the 1930s, the Eastern Counties Omnibus Company had purchased another 50 operators. In September 1942, Tilling & British Automobile Traction was placed into administration , with the Eastern Counties Omnibus Company shareholding transferred to the Tilling Group . In November 1948, Eastern Counties was included in
1248-531: The UK government. The first seven buses from an order for 59 Wright StreetDeck Electroliner double-decker buses began entering service in October 2023, while eleven Wright GB Kite Electroliner single-deck buses are also on order for delivery to Norwich during 2024. When completed, this order is set to replace pre-existing diesel buses at First's Roundtree Way depot. First Great Yarmouth operates services within
1296-642: The X1 and related services, branded as Coastlink. First Eastern Counties also provide a number of Coastlink branded feeder services at the eastern end of the main Excel service, operated using the Alexander Dennis Enviro400s formerly used on the core route. Prior to February 2018, the Excel ran all the way from Peterborough to Lowestoft; Coastlink services replaced the Excel between Norwich and Lowestoft after this time. The X2 operates between Norwich bus station and Lowestoft bus station, as with
1344-524: The X1; however, it stops more frequently and is routed via Gillingham , Beccles, Worlingham and Carlton Colville . The X2 operates every 30 minutes from Monday to Saturday daytimes. Minor variations of the route of the X2, known as the X21 and X22, operate more infrequently to serve surrounding villages along the route of the X2, including North Cove and Whitton; the X21 three journeys in the morning peak and five in
1392-412: The administration or wind the company up. The DOCA is a binding agreement between a business and its creditors overseen by a deed administrator relating to how the company's assets will be managed to ensure better returns for its creditors than an immediate winding up. When a creditor petitions the court seeking a court liquidation (a court-mandated winding up) of an insolvent company, the court appoints
1440-517: The area around its depot: First Eastern Counties operates services branded as the Network Norwich within the city centre of Norwich and to towns and villages within approximately a 20 miles (32 km) radius. This network was launched on 23 September 2012, with buses painted in colour-coded route branding on the fronts to reflect the line in the network they were allocated to. On 22 March 2017, First announced that they were to introduce
1488-447: The bus as well as the passengers on board managed to escape minutes before the bus fell further into the sinkhole, which severed a gas main running underneath the road and resulted in the overnight evacuation of the nearby area while the main was repaired. A photograph of the incident would be used by Cadbury the next day in full-page newspaper advertisements and on billboards to promote their Double Decker chocolate bar, captioned with
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1536-516: The business's debts and capital; change of organizational and production structure of the debtor; full or partial nationalization; others. Following the dissolution of the Soviet Union and reforming the existing socialist law , in 1999 there was established a law "About restoring the debtor's solvency or declaring him bankrupt". The official who administers "sanation" is known as an "arbitral director" ( Ukrainian : aрбітрaжний керуючий ) and
1584-481: The company are prohibited from acting in their capacity as directors for the duration of the administration, while administrators are personally liable for any debts incurred by the company in the course of the administration. The Bankruptcy and Insolvency Act provides mechanisms for consumer and general proposals in order to give time for an insolvent person to be able to reorganize his affairs. For insolvent companies (or affiliated groups) owing more than $ 5 million,
1632-414: The company, the directors, a creditor or any combination of them. The Enterprise Act 2002 amended the Insolvency Act 1986 to provide an out-of-court process to appoint an administrator to the holder of a floating charge or the company or its directors. This is considerably cheaper and simpler than the previous system, which involved an application to court. In the United Kingdom, an administration order
1680-575: The court can be produced at the courts discretion. Administration is analogous to going into " Chapter 11 " in the United States, although there are certain key differences, mainly stemming from the fact that English law does not include the debtor in possession concept. During the reorganisation period, as a result, the administrator usually runs the business rather than the directors, and any additional liquidity requirements effectively have to be met by funds provided by existing creditors rather than by any super-senior ' DIP financing '. The administrator
1728-465: The court to appoint an administrator. The administrator must act in the interests of all the creditors and attempt to rescue the company as a going concern . If this proves impossible the administrator must work to maximise the recovery of the creditors as a whole. Only then may the administrator attempt to realise property in favour of one or more secured creditors. A firm is usually in administration for no more than 12 months, after which an extension from
1776-421: The directors and their creditors as to whether the company should enter into a deed of company arrangement, be wound up (i.e. liquidated ), or be returned to the control of the directors. After an administrator is appointed, there are two meetings of creditors, held within tight time-frames, with the second being the most important as it will decide whether to enter into a deed of company arrangement (DOCA), end
1824-588: The evening peak, while the X22 runs every hour from Monday to Saturday daytimes. The X11 operates as a variation of the X1, shadowing the route of the X1 between Norwich and Gorleston-on-Sea via Great Yarmouth, before diverging at James Paget University Hospital to serve and terminate in Belton rather than continuing onwards to Lowestoft. The X11 operates every 30 minutes from Monday to Saturday daytimes. First Eastern Counties' year-round Coastal Clipper services connect
1872-603: The merger, the major shareholders of Eastern Counties were United Automobile Services (43%), Tilling & British Automobile Traction (28%), the London & North Eastern Railway (24%) and the London Midland & Scottish Railway (3%). Also included were United's bus and lorry coachbuilder based in Lowestoft, which was renamed to Eastern Coach Works and supplied bus bodies to its parent company and operators within
1920-891: The nationalisation of the Tilling Group, becoming part of the British Transport Commission , which was merged with the Transport Holding Company in January 1969 to become the National Bus Company . In preparation for bus deregulation , in September 1984, Eastern Counties' operations in Cambridgeshire were transferred to a separate company named Cambus Limited . The company was sold into privatisation from
1968-500: The remainder. Most countries distinguish between voluntary (board-decided) and involuntary (court-decided) receivership. In voluntary administrative receivership, the administrator is appointed by the company directors. In involuntary administrative receivership, the administrator is appointed by a judicial court. The legal terms for these processes vary from country to country, and the processes may overlap. In Australia, an external administrator, also called an insolvency practitioner ,
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2016-429: The same term [REDACTED] This disambiguation page lists articles associated with the title Eastern Counties . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Eastern_Counties&oldid=1223943799 " Category : Disambiguation pages Hidden categories: Short description
2064-535: The service. In 2019, First rebranded their Ipswich operation to 'Ipswich Reds' and introduced a new red livery for Ipswich's services. A number of services are operated under the Excel brand, most notably the Excel itself between Peterborough, King's Lynn and Norwich and the X1 between Norwich, Great Yarmouth and Lowestoft. This service is operated by nineteen Alexander Dennis Enviro400 City bodied Scania N250UDs that were delivered in early 2020, which are painted in
2112-658: The slogan "Nothing fills a hole like a Double-Decker". In July 1994, Eastern Counties was sold to the GRT Group for £6.7 million, who in June 1995 merged with Badgerline to form FirstBus . FirstBus would later purchase the operations of Great Yarmouth Transport in September 1996, merging it into the First Eastern Counties operation. In April 2011, First Eastern Counties' King's Lynn operations were sold to Norfolk Green . First operates out of five main depots. Each division provides services to
2160-571: The suburbs of Kesgrave and Martlesham Heath , in partnership between Eastern Counties and Suffolk County Council , commencing operations with a fleet of six Plaxton Pointer bodied Dennis Darts . This service was the first commercially-run guided bus system to be operated in the United Kingdom, and would eventually be upgraded to use double-decker buses under FirstBus. Having previously operated Ipswich's park and ride service from 2008 until November 2013, in July 2017, First Ipswich resumed operating
2208-618: The towns of Great Yarmouth and Gorleston-on-Sea , as well as dedicated routes to Norwich and Lowestoft under the Coastlink brand. The Great Yarmouth services operate out of the old Great Yarmouth Transport depot on Caister Road, which is a listed building dating back to the mid-1900s, retaining its original frontage. First Lowestoft operates services within the town of Lowestoft as well as dedicated routes to Great Yarmouth, Beccles and Norwich. The Lowestoft services operate out of Britain's most easterly bus depot, situated on Gordon Road, just
2256-421: Was available as an alternative to administration, which has traditionally been a more rescue-oriented insolvency regime. This regime allowed the holder of a floating charge to appoint an administrative receiver to realise assets in his favour, and also to block an administration order sought by a borrower. This was felt to be too favourable to the floating charge holder at the expense of other creditors. Holders of
2304-455: Was introduced in January 2009 to assist Insolvency Practitioners in pre-pack cases. It was designed to make the process more transparent for creditors, and to ensure that fair value was obtained for the assets. In November 2009, the Office of Fair Trading announced a study into corporate insolvencies, with particular focus on pre-pack administrations, to report on whether the insolvency market
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