Contracts had not been costed properly and the accounting system was non existent. The company was leaking money and when we scratched the surface it was clear that large debts had built up.
Administration
Mr S. Osman. Kidderminster
"I thought that entering administration would be the end but instead it bought us time and the Insolvency Practice were able to restructure the business."
When a company enters into administration it is immediately protected from aggressive creditors and further legal action. Administration buys the company time and enables an emergency strategy to be formulated.
Under administration a Licensed Insolvency Practitioner is appointed and has the job of deciding the company’s future. If the company is fundamentally sound we would look to implement a recovery plan aimed at streamlining the business and maximizing profits.
If it is apparent the company has no future then it can be sold or liquidation can commence.
At the Insolvency Practice we are experts in company administration and will guide you through the whole process.
Key Features:
- All legal action against the company is suspended
- A Licensed Insolvency Practitioner is appointed
- Administration will result in a Recovery Plan, CVA or Liquidation
For free advice on administration please call us on 0800 014 1486. We are waiting to take your call.
To find out the best option for your business try our free...
If you are being threatened by creditors and have outstanding bills, you need to take immediate action. If the problem is not addressed quickly it may be too late to save your business and you could become personally liable for the debts. At The Insolvency Practice we can ensure you remain protected and show you the best way to clear your business debt.
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