This is where we obtain a freezing order from the Court placing the partnership into Administration. An Administration Moratorium protects the partnership for a period of time so we can work out whether there is a viable solution or whether the business or its assets can be sold.
An Administration procedure tends to be used when it will be more beneficial to trade an insolvent partnership allowing the Administrator time to financially restructure the business or to market and look to sell the business as a going concern rather than it having to cease trading. This can mean that a business can be saved and employees may be able to keep their jobs.
At our initial free meeting we can provide advice as to whether an Administration is the best option for your partnership in the circumstances. We aim to cut through all the jargon and give proactive advice whilst lending a sympathetic ear.
We hold the Directors’ hands during the whole Administration process. We liaise with any creditors and take as much stress off you that we can.
When to consult us
The sooner we are consulted the sooner we can assist you in finding a way through the business difficulties you are facing. The later it is left, the fewer the options will be. The best time to consult is as soon as you become a distressed company and any financial difficulties become apparent. You don't want to be building up company debt, unpaid invoices and outstanding creditors through wrongful trading and end up an insolvent company in a difficult financial position facing legal action.
If you are a struggling company or have been affected by Covid 19, contact us now for confidential advice. We are a local business supporting local businesses covering all of Devon, Cornwall and Somerset.