We understand that placing your company into Administration can be an overwhelming process. That’s why you need to reach out to a Licensed Insolvency Practitioner you can trust for support and guidance.
Here’s a quick overview of the steps involved in placing your company into Administration:
- There are three ways to place your company into Administration:
- A floating charge holder can appoint an Administrator
- You, as the Director/Shareholder, can appoint an Administrator
- You, as the Director/Shareholder, can apply to court to appoint an Administrator.
- To be eligible for Administration, it must be shown that it will achieve one of the following goals:
- Rescuing the company as a going concern
- Achieving a better outcome for creditors than liquidation
- Selling assets to make a distribution to creditors
- If these conditions are met, you, as the Director/Shareholder, can appoint an Administrator by holding a meeting and filling out necessary paperwork.
- This paperwork is then filed in court and the company is immediately placed into Administration.
- If there is a Floating Charge Creditor, a notice must be given to them before filing the paperwork.
Don’t worry, we’re here to help make the process as seamless as possible – we prepare all the necessary paperwork and guide you through each step. Call me for an initial no commitment discussion. .