Administration
Administration is a rescue procedure for companies. It is entered into when there is a reasonable expectation that either the comapny can be rescued as a going concern, the administration will achieve a better result (for creditors) than if the company were wound up or so that a distribution can be made to one or more secured or preferential creditors.
An administrator can be appointed very quickly (sometimes within twenty-four hours) and once in administration no further action can be taken against the company by its creditors. This helps to safeguard the business and provides time for you to work with us to decide on the best rescue strategy.
This may mean continuing to trade whilst looking for a buyer for the business or proposing and agreeing a company voluntary arrangement. In approriate circumstances it may be possible to preserve value through an 'up front' sale know as a pre-pack, designed to save the business and maximise returns for creditors.
We will always provide you with a confidential consultation with one of our IPs and will listen to what you have to say and help you make sense of the position.
