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.
Wednesday 28th September, 2016 Written by Keith Tully
A pair of food industry operators based in the Cheshire town of Widnes have been entered into administration after struggling to stay in business.Learn More…
Thursday 22nd September, 2016 Written by Keith Tully
The company behind a chain of car dealerships which incorporated 12 showrooms in southern England has called in administrators after succumbing to a financial crisis.Learn More…
Wednesday 21st September, 2016 Written by Keith Tully
A company that has long been providing demolition services throughout in the North West of England has been entered into administration after succumbing to serious financial difficulties in recent weeks.Learn More…
13th September 2016 The frequency with which HM Revenue & Customs (HMRC) is stepping in to seize assets of companies who are heavily in debt increased sharply over the past year.
6th September 2016 The Restaurant Group, which owns hundreds of branded eateries around the UK, is to close or sell 33 of its outlets after a review of its nationwide operating strategy.
5th September 2016 A television company has been entered into administration after succumbing to financial pressures over the past several months.
24th August 2016 The four largest supermarket chains in the UK all saw their sales levels fall on a year-to-year comparative basis during the recent summer months.
4th August 2016 Activity within the UK’s service sector contracted during July after having expanded consistently every month over the course of the past three and a half years.
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.