Administration Advice

Obtaining the right Administration advice is crucial if you find that your Company cannot continue to trade unaided and you need that level of professional advice & assistance to see you through these difficult times. Administration protects your Company from your creditors whilst a plan is developed to restructure (& possibly re-finance) your business operations.

Company administration aims to achieve;

(i) A higher valuation & selling price of your companys assets than you would achieve in a liquidation

(ii) To Rescue your company so that you can continue to trade as a going concern

If options (i) and (ii) are not possible, your administrator can then use option (iii)

(iii) Selling off the assets & properties that your Company owns (Realisation of assets & property) so that a payment can be made to the companys secured or preferential creditors

It is crucial that you obtain the right Administration advice (from the right advisors) so that you can;

Prevent enforcement action by HMRC / the Inland Revenue

Stop any Bailiffs taking distraint action to collect unpaid council tax etc.

Stop your Landlord taking distraint action to collect rent arrears

New legislation was introduced in 2003 which streamlined the procedures of Administration. This has reduced the costs incurred by Companies and in turn enabled the administrators to generate higher returns for the Companys creditors.

It is a relatively quick (albeit complicated) process to appoint an Administrator which involves filing a number of documents in court. In general the administration must be finalised within 12months of the documents being filed.

If you think that your Company can be saved via Administration, give us a call on 08000 842 844 now to discuss it further.