Administration
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If a company becomes insolvent, the administration procedure provides for its reorganisation by affording protection against creditors.
Administration is used very effectively as a restructuring mechanism. It is designed to hold a company together while plans are formulated to rescue the business, maximise asset realisations or put forward alternative options, providing breathing space in order that proposals can be put to creditors.
The administration procedure places a company under the control of an insolvency practitioner and the protection of the court with the objective of rescuing the company as a going concern, or achieving a better result for the creditors as a whole than would be likely if the company were wound up without first being in administration.
Why choose Haslers?
This is where Haslers can help. We have a proven track record of producing the best possible outcome to our clients, making the process as smooth as possible under such difficult circumstances.
Streamlined under the Enterprise Act 2002, the process can be achieved quickly and efficiently. The company can subsequently exit from Administration and revert to the control of its directors.
