Partnership Administration
A Partnership Administration Order is similar in some ways to Administration for a limited company, but should not be confused with this or administrative receivership. The Partners or one of the partnership creditors can petition to the court for an administration order.
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Lawyers Partnerships Plan C
There are three options to deal with severe cashflow problems, this page looks at Plan C Pre-pack Administration to sell the business, winding up the partnership and possible personal Bankruptcy
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Company Rescue Businesses for Sale – Assets for disposal
KSA Group lists businesses and assets for sale on this page. If a business goes into administration or liquidation then the assets may need to be sold to pay back creditors.
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Administration Flow Chart
See here some unique Administration flowcharts for your free use! They explain in English what happens in an Administration process where a pre-pack is used or where CVA follows.administration-followed-by-cvaAdmin Pre Pack Flowchart - PDFSo would you now like to know why Admin pre-pack selling the business to directors is favoured by Insolvency Practitioners BUT, not necessarily by the clearing banks? Call Keith Steven on 07833 240747 to find out more and how a CVA can achieve huge change while leaving YOU in control!
ReadAnother customer safe from administration and in a CVA
A recent customer admitted other potential advisors were pushing for them to go into a pre pack administration, but with KSA's help, this business is in a CVA and will continue trading and returning money to creditors, including paying back a proportion of their £500k of tax liabilities to HMRC.We were sent the following email:All, I just wanted to thank you all for your assistance with the CVA preparation. With 100% of creditors voting in favour this is a testament to your experience and process in putting these together. The last few weeks has been a nerve wracking time and timing has been close to the wire, but the end result means that we are now well positioned to execute our plans going forward to the benefit of all. In deciding to go with KSA we had numerous other providers who were either cheaper or pushing a pre-pack route. You have delivered what you set out and certainly a much better outcome than administration. Marie, a special thanks for your efficient and calm handling of all the issues that have arisen, and Andrew – your “mother of all spreadsheets” will now double as our operating budget for next year. Finally, if you ever have any prospective clients who require a reference, I would be happy to talk with them. Regards
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