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