If a company is in financial difficulty then Administration may be the route to save all or part of the trading entity.
Whilst Administration can be instigated by Directors and Shareholders it is often at the request of a debenture holder, usually a bank. This is an involved process that requires good communication between interested parties. That is a skill we can provide.
Primarily, we’ll see if the business can be turned around with some restructuring. If that’s not an option, we’ll try to sell the business as a whole and keep it running with new owners.
If we can’t achieve either of these aims, then we’ll sell the business assets and distribute the proceeds in accordance with Insolvency legislation.
Directors determined to dodge debts by dissolving companies face disqualification and fines under a new government crackdown. The government has come forward with new proposals to raise standards in corporate governance by cracking down on directors who behave irresponsibly. These include: clawing back money for creditors including workers and small suppliers by reversing inappropriate asset […]
There are repercussions for users of Credit cards and gift cards where a retailer becomes insolvent. Sam Hawkins explains. Retailer insolvency has been on a noticeable increase recently with high profile cases such as Toys R Us and Maplin both entering Administration and New Look proposing a Voluntary Arrangement. When a large high street retailer […]