Administration is a procedure which places the company under the control of an Insolvency Practitioner and provides protection from ongoing or future legal proceedings.
To enter administration the company must be insolvent or likely to become insolvent and it must do so to achieve one of the following objectives:
An administrator may be appointed by a secured creditor, an order of the court or by the Directors. Once appointed the Administrator has very broad powers which include the power to carry on the company's business and to realise the company's assets.
To discuss Administration and the alternatives please book a free, confidential, no obligation meeting by calling one of our experts at Currie Young on 01782 394500