There are many pitfalls for the modern business. Market changes, HMRC pressure and late payments from clients can be individually crippling and when combined could even appear to sink your organisation into an insolvency.
However one option that could buy you the vital time to reorganise and restructure is a company administration. You’re permitted to appoint your own choice of insolvency practitioner to run the business, negotiating with creditors and looking at resolving unprofitable operations.
If you do decide to opt for a full liquidation then it is possible for you and your fellow directors to purchase key assets of the business. These can be subsequently redeployed as a new entity helping you shed debt and focus on the profitable operations within your organisation. McTear Williams & Wood has helped many companies successfully navigate this process and successfully return to profitability.
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.
We advise all our potential clients to act quickly in order to access the full spectrum of insolvency solutions as these will diminish over time.
Book an appointment to discuss a company administration at our Southampton offices – in a simple 1 to 2 hour free and confidential appointment you’ll get our best advice for your future.