Free advice on company administration from Access Debt Solutions.
Under the Enterprise Act 2002 it became easier for a company to enter into Administration.
Company administration is one of the options open to insolvent businesses. It allows the re-organisation of an insolvent company, while protecting it from its creditors. Within the administration the company plans are formulated to rescue the business, maximise asset realisations, or put forward alternative options.
Administration can be initiated by directors and used very effectively as a restructuring mechanism. Where the company has a viable future it provides a breathing space in which proposals can be put to the creditors.
The company can subsequently exit from Administration in a stronger financial position.
For further detail on the debt options for limited companies see:
Or for debt options for sole traders and partnerships click here.