A director/s can put a company or limited liability partnership (LLP) into Administration if it’s in debt and can’t pay the money it owes.

The business will benefit from legal protection from its creditors whilst the Administrator, a licensed insolvency practitioner, prepares a plan to rescue it, sell it or liquidate it.

The Administrator could decide to:

• negotiate a Company Voluntary Arrangement (CVA) with your creditors so your business can keep trading;
• sell the business as a ‘going concern’, which may be back to management, meaning your business can carry on in another form; or
• sell your assets as part of a Creditors’ Voluntary Liquidation with the proceeds going towards paying back your creditors.

Whilst the business is in Administration, the Administrator will be charged with managing all affairs.

We can help you achieve an Administration quickly and efficiently.

‘Pre-Pack’ Administration

This term refers to an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of the Administrator and the Administrator effects the sale (which may be back to management) immediately on, or shortly after, appointment.

This option can provide a seamless transfer from one business entity to another. It is the easiest way of preserving the value in a business and maintaining continuity with customers and staff.

Our experts have a wealth of experience in this area and are available today for a free initial consultation in the strictest of confidence.*

Call Umbrella.UK Insolvency on 0800 611 8888 or email us or click below to request a call back.

*We don’t charge for an initial consultation, but it may lead to an insolvency solution where our pre-appointment costs are reimbursed as part of the fee structure that creditors approve.

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Thomas Fox LLB MIPA is an employee of Umbrella Accountants LLP and is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Professional Indemnity Insurance - In accordance with the disclosure requirements of the Provision of Services Regulations 2009, the firm’s professional indemnity insurer is Arch Insurance (UK) Limited, 5^th Floor, Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ.

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