Company Administration/Pre-Pack

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What is company Administration?

An Administration is a very powerful Insolvency procedure for insolvent companies. It protects the company from its creditors and prevents them from applying to wind the company up during the administration. It can mean that the company doesn’t have to pay all its debts in full, the company may however still ultimately end up being liquidated. If the Administrator, who must be an Insolvency Practitioner, cannot rescue the business then a sale of the business as a whole or its assets may take place.

Advantages

  • Legal action against the company is suspended
  • Restructuring of the business can take place
  • Maximum return provided to the creditors

Disadvantages

  • Directors lose control of the company
  • Creditor awareness due to publicity could affect trading
  • A creditor may have the ability to appoint their own Administrator

Pre Pack Administration

A ‘pre pack’ administration is the sale of an Insolvent company to a third party or the existing then effects the sale immediately on or shortly after their appointment. This way the value of the company’s assets such as work in progress is preserved. The purchased assets are transferred to a new company or Newco which then trades without the burden of the debts of the old company.

In a Pre Pack sale, the business and/or its assets will be sold by an Insolvency Practitioner who must satisfy themselves that;

  • The best price has been obtained for the business and assets given the current situation
  • The sale of the business through a ‘Pre Pack’ is commercially justifiable
  • The sale protects the value of the business

If you feel that there is still value within your business, entering administration could help realise that value, do not hesitate in contacting us today for free advice.

How To Proceed With Company Administration

If you wish to proceed with an Administration or simply need more advice about your situation then we would love to talk to you. We are a national firm of Insolvency Practitioners with over 20 years in dealing with insolvent businesses. Call us in confidence on 0800 090 3041 for more information.

Call today for FREE advice on your business debts 0800 090 3041

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Licensed Practice

We are licensed and regulated by the Insolvency Practitioners Association.

We Operate Nationwide

We have offices across the United Kingdom, including Northern Ireland.

Responsive Solutions

Our team of professionals are qualified and experienced in all aspects of insolvency.

Available 24/7

We are on hand 24/7 to provide help and assistance to any queries/worries you have.

ADVICE PROVIDED BY PROFESSIONALS WHO CARE

‘Insolvency can be a daunting prospect for any Director which is why we tailor all of our advice to the individual circumstances of the company. We do not believe in a ‘One size fits all’ approach.

Regulatory Bodies

We are governed and regulated by the Insolvency Practitioners Association (IPA). Ensuring all our professionals provide the right advice.

Our Promice to You

We promise to provide you with the highest standard of advice and guidance to any Director. We will always ensure complete transparancy with all options/services we provide.

OUR SERVICES

We provide a range of insolvency services designed to assist Directors with either rescuing or closing a Limited Company.