Tag: company administration

By putting a Company into administration, it offers the company immediate protection from any legal or recovery action being taken against the company by its’ creditors including HMRC.

The process allows the company time to work with us and our recommended Insolvency Practitioner (IP) to determine the best strategy for your business. The viability will be evaluated and any real prospect of saving the business from going bust will be deliberated upon.

Firstly, the Directors of the company will need to file a Notice of Intention to Appoint an Administrator which will need to be disclosed to the company’s creditors and any charge holders. Your staff, clients and suppliers will not be made aware of this as this information will not appear in the public domain.

Our specialist debt management advisors will determine whether putting the company into administration would be the best route for your company so that it can be protected whilst we work with you, your accountant, our recommended IP to establish to establish the true financial circumstances and outlook for the business moving forward. By doing this we will be able to determine the best possible solution for you. This could be entering a CVA or even a pre-pack.

The IP acting as Administrator will realise the assets of the company with the intention of achieving the highest possible price for the assets. If a pre-pack is the best solution for the business, you will at this stage be given the opportunity to purchase the assets for the phoenix company allowing you to retain the company assets without the debts associated with the former company.

Advantages of Company Administration

• Immediate protection from your creditors;
• All legal action is frozen;
• You can continue to trade whilst we formulate the best solution;
• There may be business turnaround solutions available to rescue the business;
• Provides the opportunity to restructure the business into a more profitable form.

We are here to help you through the entire process. With our help, you can be sure that the entire process runs smoothly and that you are involved in every step and decision which is taken.