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What is a Company Administration?
When a company is insolvent and facing serious threats from creditors it may enter into administration. Licensed insolvency practitioners are appointed by either the company, the directors, or a third party, or by a direct application to the court. During this process, the company is protected from creditor action.
Facts About Company Administration
Administration is a process available to insolvent companies to provide protection from its creditors.
It involves a licensed insolvency practitioner (IP) being appointed to take control of the company and look into its financial situation.
Administration provides the IP with breathing space to formulate a plan outlining how to restructure or sell the company and its assets.
Protection from creditors is particularly useful and necessary in a situation where a company is being proactively or aggressively pursued for debt repayment.
A common reason for a company to enter administration is if creditors are threatening, or have issued a winding-up petition.
Once placed into administration, under paragraph 3 (1) of Schedule B1 of the Insolvency Act 1986, the administrator of a company must carry out their duties.
Process of Administration
Take Advice regarding your Companies position and Appoint an Administrator. National Debt Advice can help point you in the right direction.
Once your Administrator is appointed, they will become responsible for the company and notify your creditors of their appointment.
Finally, they will assess the company, implement a strategy which could include the continuation of trading, and conclude by reporting the outcome of the Administration.
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