If your business is being threatened by creditors such as your landlord, HMRC, loan companies or your bank and there is a serious risk of being taken to court.
An administration order could protect your company.
It is possible to file a Notice of Intent to Appoint an Administrator, this protects the company from actions against your company whilst available options are explored.
If the company has few assets and cash flow is restricted, then a creditors’ voluntary liquidation (CVL) may be a more suitable solution.
If creditors are not yet threatening legal action but you’re concerned that they may start soon then a company voluntary arrangement (CVA) could be the ideal option.
One of the main benefits of company administration is that a moratorium is placed around the company. This means that the company is protected from legal actions by creditors, including the issuing of a winding up petition during the period of the moratorium. This gives you time to consider your options for the future.
The creditors financial position will not worsen during this time and a clear picture of the company’s finances and options for the future can be gained. So that you can decide on the best next step for the business and an exit out of administration can be planned.
A licensed insolvency practitioner will act as the administrator, therefore all actions moving forward will be in the best interests of the creditors and the company.
The Insolvency Company
c/o Monahans
Hermes House
Fire Fly Avenue
Swindon SN2 2GA
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The Insolvency Company is a trading name of Monahans Professional Services Limited, registered in England and Wales at Hermes House, Fire Fly Avenue, Swindon, Wiltshire, United Kingdom, SN2 2GA
Steven Elliott is licensed as an insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA). Gareth Buckley and Stacey Phipps are licensed as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales (ICAEW).
Company Registration Numbers 14541594
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