The process of administration may be the best option available if:
- the business is solvent but needs to be sold quickly
- there is still a good business but cashflow is causing critical pressure
- creditors will not agree to an alternative proposal
- the business has become insolvent
Administration creates a legal stay against creditor action. It also provides a breathing space for developing further proposals that can be put to creditors – in certain situations this can include the re-establishment of the business.
Under the Enterprise Act which came into effect on 15th September 2003, this process has been considerably streamlined.
Getting in touch with an insolvency expert for free debt advice is as easy as picking up the phone. Call your nearest office for a free consultation on a confidential basis.