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Administration is a formal insolvency procedure whereby an insolvency practitioner is appointed by either the directors, the company or the holder of a qualifying floating charge (usually the bank or other financial institution).
An administration usually allows the business to continue trading throughout the process and provides protection against any enforcement action taken by creditors.
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This option allows the business to continue trading throughout the administration allowing employees to remain in a job whilst the sale of the business is considered.
This solution allows for the sale of the business to be pre-arranged before or soon after the administrator is appointed. Directors or the management team can work with the administrator prior to the formal arrangement to agree terms of sale which can then take effect immediately.
Stephensons have a team of insolvency law specialists who provide advice from the outset and guide you through the administration process ensuring the best result is secured for the business and its creditors.
Corporate insolvency has serious implications and should only be considered after seeking professional guidance, please contact us for help and advice on the alternatives which may be available to you on 01616 966 229 alternatively complete our online enquiry form and a member of the team will contact you directly.
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