Whilst many directors like to portray a picture of evergreen financial growth this is not always the case. Often market forces, HMRC pressures and late payments from clients can combine to threaten your business with a negative balance and insolvency.
Fortunately there are routes back that will allow you to regain full control of your company. One of the best known is the company administration. You are allowed to appoint the Insolvency Practitioner of your choice to run the company, negotiate with creditors and resolve key accounting issues.
One option that’s taken by many directors is to liquidate the company and buy back key assets. These are subsequently used to relaunch the business as a new entity, shedding debt and focusing on the company operations that are profitable. McTear Williams & Wood has helped many organisations regain profitability in this manner.
Why implement a business administration?
Prevents further legal action - going into administration prevents your creditors from issuing a winding up petition and attempting to completely close down your business.
Trade through your difficulties - an administration can buy you vital time to continue meeting the needs of your customers whilst the business is restructured.
Better realisation of assets - an administration can often achieve a better result than liquidation.
Make your next move contacting our team to discuss your choices –including a potential company administration at our Bedford offices.
All of our advice is free and absolutely confidential and designed to guide you to the best outcome for your business.
How else can we help? Other services we offer in your area: