Administration is an option for insolvent companies, whereby the stricken business can buy time and hold creditors at bay.
By making an application to the Court you can appoint a licensed insolvency practitioner. Once this process begins, legal action against your company must be approved by Court order – an essential buffer if you’re faced with aggressive action on the part of creditors.
Although directors must hand over control of their company to the administrator, the breathing space administration affords can allow for crucial restructuring and will call a temporary halt to further decline.
Your business can continue trading and provide continuing employment for your staff. Call a Debt Advisory Services’ expert today to discuss whether administration is the right option for your business.