Company administration is a formal procedure in which an insolvency practitioner is appointed to act as the administrator of an insolvent company with the goal of bringing about a recovery.
Any upfront quotes for Pre Pack Administrations by Insolvency Practitioners can be unreliable as your business will need to be professionally valued to establish the accurate purchase price.
If your company is being threatened by creditors (i.e. - a landlord, HMRC, your bank, credit card companies, etc.) and you fear that you could be taken to Court and put out of business, then continue reading to find out how an administration order could protect your company from liquidation and dissolution:
If you don't feel like reading the following guide and you have a specific question that needs answering, feel free to send us an email or call us on 0800 644 6080 for free advice.
Before we tell you more about the process you should consider the following points to make sure it is appropriate for your company to enter into administration:
To be absolutely sure that administration is the best route for your company speak with one of our insolvency practitioners today.
The following are the pros and cons of entering into company administration in the UK:
If the charge is held on a debenture that was granted before that date then they would be able to put your company into administrative receivership. Keep in mind that even if the directors of your company are the ones who initiate the administration it is possible for the bank, or another holder of a floating charge, to appoint their own administrator at their discretion.
If you’re concerned that a hostile creditor may try to petition your company to court, an administration could provide the protection needed to recover without being served payment demands or facing compulsory liquidation.
The administrator must submit their proposals to creditors within 8 weeks of the commencement of administration. After submitting their proposals and having them approved the administrator can take up to several months to carry out the administration as planned. Overall, an administration is supposed to last no longer than 1 year, but this time limit can be extended by the Court, or through the consent of the company's creditors. It can take 1-2 weeks to organise a pre pack administration.
Our licensed insolvency practitioners are experienced in all matters related to company administration. For free advice email us or call us today (0800 644 6080) and we’ll help you formulate a plan to get back on track.
Friday 20th November, 2015 Written by Keith Tully
Dozens of jobs have been saved via the sale of a parts testing and inspection business that had been part of Caparo Industries, which was recently forced into partial administration amid a financial crisis.Learn More…
Friday 13th November, 2015 Written by Keith Tully
A pre-pack administration deal has seen the wastewater and drainage company UKDN Waterflow rescued and its 300 staff members kept in work.Learn More…
Thursday 12th November, 2015 Written by Keith Tully
The local council in Northampton has lodged a petition asking that Northampton Town Football Club be entered into administration to save it from being liquidated.Learn More…
27th November 2015 Northampton Town Football Club, which has been beset by a series of financial crises in recent months, has avoided administration and found itself a group of new owners.
26th November 2015 The Definitive List of Black Friday Deals in the UK - it's that time of year again. See which UK businesses are offering the best Black Friday discounts.
26th November 2015
20th November 2015 Bolton Wanderers Football Club has appointed the insolvency expert Trevor Birch as an advisor to its board of directors as the club’s financial crisis continues.
12th November 2015 British defence industry giant BAE Systems has announced that it will cut up to 371 jobs from its workforce as it looks to slow down production of its Typhoon fighter jets.
Every day we help companies just like yours turn things around against seemingly impossible odds, regardless of your situation we can help. Find your nearest office today.