Many businesses suffer from distress and cashflow problems at some point. Issues with late payments from larger contracts, HMRC pressure and even market forces can quickly impact your balance sheet and leave directors wondering about the best next move.
Fortunately a company administration could be the tool to give you the vital breathing room you need. An insolvency practitioner is appointed to run your business whilst communicating with your creditors and resolving key debt issues. It shows the business world that you’re taking a serious step towards recovering a profitable position.
Even if you do decide to close down and liquidate your business, with the help of a properly managed administration, directors can buy key assets and use them to relaunch the business as a new entity. McTear Williams & Wood has a proven track record of supporting companies through this process to relaunch as new entities.
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 booking a free, confidential appointment to review your options including a company administration at our Bournemouth offices.
Act now for the best result. The spectrum of recovery solutions is likely to diminish over time – and there may still be some strong routes available to you to get your business back on track.
How else can we help? Other services we offer in your area: