If your company is being dissolved due to secured finance then McTear Williams & Wood will ensure you receive the best outcome. The perception has long been that administrative receivership is a terminal event for any company. It is usually triggered by a failure to meet the payment terms of a loan or overdraft.
Administrative receivership was commonly used by banks up to 2003 when the law changed. However it can still be used by lenders today if they hold a debenture dated 2003 or older.
The reaction of most directors on discovering that their company is going to enter administrative receivership is one of stress and feelings of personal failure. However, it may be the case that with quick action you can still rescue your company.
Have you already breached the terms and conditions of the finance arrangement with your creditors? Then it may be the case that your creditor is already exploring the possibility of putting your business into administrative receivership.
Defaulting on your finance agreements is always a sign of business distress. The sooner you start to understand what’s needed to return to full profitability, the more options are available to you.
Discover the best course of action today … call 0800 331 7417