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In accordance with Schedule B1 of the Insolvency Act 2012, Administration is a procedure that functions as a rescue mechanism for asset-rich, but insolvent companies.
Company Administration is usually a precursor or alternative to Liquidation, and allows a business to be rescued as a going concern; sold as whole; or offloaded in parts to realise cash for creditors.
Although the procedure provides a company with protection from creditors who are threatening legal action, the director(s) must also concede full control of the company’s management and future to the Administrator.
Administration is a complex issue and you will need expert advice and support. I&L helps creditors recover payments from long-overdue invoices, and informs company directors how to protect themselves from personal liability claims. Call 020 7504 1300 now for free and confidential advice…
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