No matter what the circumstances of the economy companies will find themselves in financial difficulty. The web news sites or television news readers often say "ABC plc has gone into administration" and people are assumed to know what going into administration means.
What is company administration? What does going into administration mean? What is administration pre-pack? How does a company go into pre-pack administration?
This guide page will point you to the pages on our website where you can get more detailed information and we also answer your questions.
Useful Guides to Administration:
For answers to all these questions read our guides or call us now on 08009700539. Our trained advisors will help you.
Other common questions that we hear from creditors of companies going into administration
"One of my customers has gone into administration, will we get our money back".
The short answer is probably not.
If you are an unsecured creditor the return in administration is usually very low or zero. This is because the cost of the administration procedure is high and then the bank usually gets some money back first. This is because the bank is a secured lender and has a higher ranking than you as an unsecured creditor.
"Can I get my goods back under retention of title (ROT)"?
If you have supplied under a correctly worded and appropriate ROT clause then, yes you may collect the goods, but we suggest that you speak to your lawyers and the administrator. You should do this as soon as you hear about the administration.
"How come the directors put the company into administration and they have bought it back and started again with the same name, that cannot be fair or legal - is it"?
Using a pre-pack administration process this is quite a popular method. Yes it is legal, the Government sees this mechanism as preserving the BUSINESS, jobs and economic activity. There are strict rules on how this should be done though.
Does my company need to go into administration? We will be happy to talk to you about this option and the other options like CVA, time to pay deal, and voluntary liquidation. We don't charge for this advice, so call now for expert friendly advice.
If you are asking question like:
"Is my company insolvent"? "How will my company pay the creditors, tax and wages"? "Does it need to go into liquidation"? What is Wrongful trading? Then we suggest you read as much of the site as you can and then if you cannot find the answers to any of your specific questions please call us on our free telephone number 08009700539.
What our clients say about us: click here for our testimonials page.