Administration is a common legal strategy for rescuing businesses facing cash flow problems that could still have a chance of returning to profitability.
The process can offer breathing space from outstanding debts and threats from creditors, as well as the possibility of finding a solution for recovering the insolvent company.
Once a company enters administration (either voluntarily or through a Court order) it is managed by a licensed insolvency practitioner to fulfil the best possible outcome for the company’s creditors.
During this period, all legal action is stopped and the business is safeguarded against creditor enforcement action. This offers a chance for restructure and the preparation of financial plans to rescue the company within an agreed time frame.
Using the company’s assets to repay creditors as quickly as possible via administration can be an effective way of turning around a business.
If you’d like to know more information on whether this is the right route for your company, get in touch with us today. We can put you in touch with industry experts to advise you on any matters relating to your business.
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Once the basic setup was sorted I was allocated Emma, who was available then to guide me should I have any queries! Thorough training on Quickbooks and always available (within office hours) to sort my mess up or any queries no matter how mad they seemed! Always willing to help and no task to small! Thoroughly recommend Emma to anyone looking to use TS Partners as their accountants!
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