Administration
We’ll do all we can to help save your business, but if a formal insolvency process is the only solution we’ll guide you every step of the way.
What is it?
If your company is in financial difficulties but is still very much a going concern, an administration order may be appropriate. An administration order buys you valuable time, as it immediately protects your company from threatening creditors or legal action. A company in administration may continue to trade while a rescue plan is formulated, and its assets are protected from action by creditors.
What will happen?
If your company is unable to pay its debts, an administrator may be appointed. Administrators are insolvency practitioners who are either appointed by the courts (on application from a creditor, directors or partners); the holder of a qualifying floating charge over the assets of the business or by the company or its directors.
An administrator’s primary goal is to rescue the company as a going concern. If this is not possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up.
If neither of these is possible, the administrator will sell the company’s property to make at least a partial payment to one or more secured or preferential creditors, such as employees or the bank.
Administration can also apply to partnerships.
How White Maund can help
We are experts in company administration and can guide you through the process step by step. If your company is fundamentally sound we would look to implement a recovery plan aimed at streamlining the business and maximising profits. If it is apparent the company has no future, we can help you with insolvency proceedings.