Overview

Administration provides the company protection from action taken against it by creditors and offers breathing space to consider a rescue plan. The administrators take over the management of the company and are responsible for realising assets on behalf of all creditors. In so doing the administrators must take into account the needs of all creditors, not simply the largest.

Working with the directors, the administrators will oversee the process with the aim of:

  • Rescuing the company as a going concern
  • Achieving a better result for creditors than if the company was wound up
  • Realising property to make a distribution to secured or preferential creditors.

When to consider this

If the directors of a company are concerned about its ability to repay its debts then administration can be a quick and effective way to protect a viable business and prevent creditors taking action.

If you are concerned that your company may be insolvent we recommend that you seek professional advice as a matter of urgency. We would be happy to review your situation and advise on the various options available.

Next steps

When appointed, the administrators' priority is to review the company's financial position and consider a strategy to rescue the company and, if this is not possible, ensure creditors get as much money back as possible.

The administrators will collect information to assess whether there are funds and support (the employees, the suppliers, the customers and a funder if required) to continue to trade the business.

The administrators will develop a communications strategy aimed at protecting the company's reputation during this difficult time and will tailor and deliver internal and external messages for staff, customers, suppliers, creditors and media where appropriate.

The administrators will provide creditors with their proposals which will include the purpose of the administration, details of the company's financial position and an estimate of the timing and quantum for reviewing claims and making a distribution. Updates will be provided on a 6 monthly basis.

Administration Advice & Debt Recovery Glasgow, Edinburgh, London

For further information on Administration Advice for your company, contact us today at an office near you.

If you would like more information on our services or you would like your free, no-obligation, 1-hour options review, click here or call 0845 619 5768.

- See more at: http://www.mlmsolutions.co.uk/dev/services-for-individuals-in-scotland.html#sthash.GPytS2e9.dpuf

Contact MLM Solutions in Glasgow, London and Edinburgh

If you would like more information on our services or you would like your free, no-obligation, 1-hour options review, click here or call 0845 619 5768.

- See more at: http://www.mlmsolutions.co.uk/dev/services-for-individuals-in-scotland.html#sthash.GPytS2e9.dpuf

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