HERE TO GUIDE YOU
OVERVIEW OF ADMINISTRATION
Administration is a UK Court approved procedure that protects a limited company, or a partnership, from any creditor action.
It is a fast process and in most circumstances an Administration can be put in place in a day.
The outcome of Administration may be:
A return of the company to the directors in due course
A sale as a going concern to a new owner (this may be by a pre-pack Administration)
A gradual wind down, sale and breakup of the business assets
The choice of Administrator is usually a board of directors’ decision. However, a creditor can apply to appoint an Administrator as can a lender with a debenture. If your company has a fixed and floating charge registered at Companies House, then you will have a debenture and need the lenders consent to choose an Administrator. In most cases, the lender will consent to your choice, but it depends on the level of debt and each bank or lender’s policy.
The Court will then appoint the chosen Administrator to oversee the company during the period of Administration.
The Administrator must be a qualified Licensed Insolvency Practitioner. The Administrator will usually be appointed with another Licensed Insolvency Practitioner, so they act as Joint Administrators.
We do it all
We are Licensed Insolvency Practitioners authorised to act as Administrators by the UK Courts. Our firm employs 12 licensed Administrators plus a wide support team of experts. When appointed we act as Officers of the Court.
We do all the paperwork you will need to get a company into Administration including all the paperwork that has to be filed in Court and Companies House.
We also help with the possible outcomes of Administration and our aim is to help you achieve your objectives and be fair to all parties in the process.
We can agree a fixed pre fee to act as Administrator, but post appointment fees are usually agreed with creditors based on the amount of work involved.
If you would like some advice about how to get a company into Administration, have a question or would like a fee quote, please get in touch with us.
They did exactly what they said they would do and explained it all in non-technical language. I would have been lost without Administration. Without them we would have lost our business.