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Company Administration

Working with the Company, the Directors or the ‘Qualifying Floating Charge Holders’ to rescue the business in the first instance.

The administration process facilitates the reorganisation of an insolvent company while affording it protection from its creditors, allowing time for the company to execute a plan in the first instance to rescue the business as a going concern, often trading the business whilst attempts are made to sell the business and assets. In the alternative if the business cannot be rescued as a going concern, a plan will be formulated to maximise the asset realisations in order to maximise the outcome for the company’s creditors, more so than if the company is placed straight into liquidation.

This process can be used as a way of restructuring where the company has a viable core business, allowing a later exit from administration in a stronger financial position.
In certain circumstances a ‘Pre-pack’ administration may be appropriate, whereby a sale of the business will be made immediately upon appointment, without a trading period and without the business being publically marketed. Any such sale must be approved by an independent licensed valuer. If the sale is conducted following the correct procedure, this is a completely above board and legal procedure.

 

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