Administration (including Pre Pack Administrations)
If your business is insolvent and is facing serious pressure from creditors, entering into Administration may be an appropriate course of action.
Taking this route can be helpful where creditors are pressing for repayment and are likely to issue, or have already issued, a Winding up Petition.
Administration can offer a business a degree of protection from legal action, by appointing a licensed insolvency practitioner to take control of the company and its finances and allowing the opportunity to restructure the business or to arrange for viable elements of the business to be sold on.
Pre Pack Administration can be one popular route. This option involves preparing a legally insolvent company for sale prior to entering the formal process of Administration.
The experienced team at Gibson Booth have guided many businesses through the Administration and Pre Pack Administration process. For specialist advice and assistance, please contact us today.