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Company Administration

Company Administration is a business rescue process used by insolvent limited companies looking to restructure for future positive trading

Top Company Administration Facts

  • This process will last a maximum of 1 year
  • A Moratorium will prevent any legal action taken against the company while they restructure
  • A Pre-Pack Administration is a popular alternative to full Company Administration
  • It is a formal insolvency process so will need to be performed by a Licensed Insolvency Practitioner

Pre-Pack Administration Explained

The Pre-Pack Administration is a restructuring process whereby the sale of an insolvent company’s assets and goodwill is performed immediately on appointment of an Insolvency Practitioner.

The sale can be to the current director or to a third party, but is not openly marketed to the public, hence the quick turnaround of the sale.

An advantage of this process would be the continuous trading that the company will be able to achieve. This means there will be no loss of business or interruption for suppliers.

What is the outcome of Company Administration/ Pre-Pack Administration?

There are 4 main exit routes to a Company Administration process:

  • Creditors’ Voluntary Liquidation
  • Dissolution
  • Company Voluntary Arrangement

 

 

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