What is a Notice of Intention to Appoint or NOIA?

In brief

A Notice of Intention (or NOIA) declares your settled intention to appoint an administrator in order to rescue your business or repay creditors and avoid an immediate liquidation.

More detail

A NOIA is a document filed at court, stating a company’s intention to appoint administrators.  This is often used as a way of restructuring a failing business to stop or delay it from being liquidated.  It can also be used as part of a pre-pack administration process.  It sets up a moratorium that protects the business, temporarily suspending any creditor action and provides breathing space in which to take positive action.

Company directors are required to provide a minimum of five business days’ written notice of their intention to appoint administrators to any qualifying floating charge holder as well as filing a copy of the document at the Court.

Once the NOIA is filed at Court any action by creditors must receive Court agreement.  Although the moratorium period is only 10 business days initially, this often provides the space needed to steer the company away from the immediate threat of liquidation.

What next? If you are considering this course of action for your business you should seek immediate advice from a licensed insolvency practitioner like us.  The earlier you seek advice the more options there are available for your company.  Call us today on 0800 254 5494