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 25th May, 2016 Written by Keith Tully
A total of 90 jobs have been saved at a company called the Bale Group Ltd, which is among the leading waste disposal management businesses operating in the South West of England.Learn More…
Thursday 12th May, 2016 Written by Keith Tully
A pre-pack administration deal has seen 110 jobs saved at a health and beauty company based in the town of Thetford in Norfolk.Learn More…
Wednesday 11th May, 2016 Written by Keith Tully
A company that described itself as being Britain’s only national bakery ingredient wholesaler has been entered into administration.Learn More…
23rd May 2016 Some new entrants into the UK’s market for small and medium-sized enterprise (SME) loans and credit facilities are “as bad as payday lenders” in the consumer credit sector.
17th May 2016 Small and medium-sized enterprises (SMEs) around the UK are being particularly impacted by HMRC’s clampdown on errors relating to payroll taxation.
10th May 2016 A group made up of several hundred of the world’s leading economists have called for steps to be taken by relevant authorities and law-makers to effectively end the use of tax havens around the world.
6th May 2016 The number of Scotland-registered companies entering insolvency during 2015-16 increased as compared with the prior 12 months but personal insolvency rates continued their downward trajectory.
3rd May 2016 SMEs throughout the UK are collectively missing out on millions of pounds in savings because they are not aware of tax reliefs and government allowances that could be available to them.
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.