Administration
There are three entry routes into administration:
1. By an order of
2. Appointment by a qualifying Floating Charge holder; or
3. Appointment by the company or its directors
Administration creates a moratorium which
The company is placed under the day-to-day control and management of an administrator and may continue to trade (if applicable and supported) whilst the administrator reviews the company’s position and collates information.
An Administrator must act in the interests of all the creditors and must perform his functions with the objective of rescuing the company as a going concern. If this proves impossible he must achieve a better result for the company’s creditors as a whole than would be likely if the company were wound up. Failing that the administrator may realise property in order to make a distribution to one or more secured or preferential creditors.
Common routes out of administration are
To find out more or to arrange a free consultation without any obligation please contact:
Darren Bowman T: 028 9032 3466 E: darrenbowman@bakertillymm.co.uk or
Lisa Lappin T: 028 9032 3466 E: lisalappin@bakertillymm.co.uk
Audit & Assurance
Taxation Services
Business Services
Restructuring and insolvency
Forensic Services
Consulting Services
Debt Options
Related services
Business Recovery
We believe that in working closely with you and your professional advisers we can help you understand all formal and informal options available and provide the guidance and information necessary to assist in choosing the most appropriate solution.
Dealing with Debt
We have a specialist Rescue and Recovery team with over 25 years’ of industry experience in dealing with debt issues.
Creditor Services
Creditor Services is an integral part of the Business Recovery & Insolvency department. Building on the foundations of the technical knowledge and experience within the team, our Creditor Services division provides advice and support to individuals, company directors and professional advisors where they or their clients are impacted by the insolvency of another party eg. a customer, supplier, employee etc.
Useful Links
Information for limited companies www.companies-house.gov.uk
Insolvency
See how we can help you
Find out what we can do for you, use the contact form to arrange a free initial business consultation.
You can also phone us on 028 9032 3466 or email us at accountants@bakertillymm.co.uk