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 28th August, 2015 Written by Keith Tully
Warmseal Windows, a specialist windows and conservatory fitter based in Newcastle-Upon-Tyne, has been rescued from administration after falling into a financial crisis in recent weeks.Learn More…
Friday 21st August, 2015 Written by Keith Tully
A company that owns an animal health product seller and an online pet food retailer has avoided administration after being acquired by a private equity group in recent days.Learn More…
Thursday 20th August, 2015 Written by Keith Tully
McClure Naismith, a Scottish law firm founded in 1826 and with offices in Glasgow, Edinburgh and London, is preparing to enter administration after struggling to retain a viable financial position over the past several years.Learn More…
24th August 2015 Punch Taverns, which owns and leases several thousand pubs around the UK, has announced its plan to sell 158 of its outlets as it aims to reduce the debt levels across its business.
13th August 2015 Around 400 members of Balfour Beatty’s workforce lost their jobs in the first half of this year as the infrastructure services group pursued sizable cost savings throughout its business.
13th August 2015 Businesses and residents in Lancashire affected by the bug that found its way into their water supply last week will be able to claim compensation for their inconvenience.
07th August 2015 Appeal court judges have ruled against the recruitment firm Reed in a case relating to a £158 million tax bill.
07th August 2015 Businesses based around the UK delivered their strongest set of exporting revenue figures in almost a decade during the second quarter of this year.
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.