Company administration
If your business is failing, but can be sold as a going concern at a premium or can benefit from continuing to trade to complete existing contracts and work, an administration order may be appropriate. Get in contact with our team.
Last Updated: 16/12/2024
Protect your struggling business
Company administration is a legal process designed to help struggling but potentially viable companies by protecting a business from its creditors whilst restructuring takes place. If your company is in debt and under pressure from creditors or perhaps is being threatened with legal action such as a winding up petition, seeking the protection of administration will prevent any further legal action.
Ideally, companies in administration can continue to trade through its difficulties and come out the other side as a going concern but if that is not possible it can be used to achieve ‘a better realisation of assets’ or to facilitate a payment to preferential and secured creditors.
How can McTear Williams & Wood help?
Administrators’ primary purpose is to get an ailing company back on its feet. Our team has experience of administrations in many different industries and business sectors and where possible will work with you and your existing management team to achieve the best possible outcome.
When might company administration be appropriate?
- When it just isn’t possible to persuade creditors to support the company any longer.
- When cash-flow pressures are building but there is still a potentially viable business to save.
- When there is a need to move quickly and sell the business and assets.
- Ultimately if the company is insolvent and by keeping it intact and acting quickly creditors can benefit.
- These days directors can choose their own administrator to work with rather than waiting for the bank or another creditor to impose one.
Jo Watts
Director
- 01603 877861
- jowatts@mw-w.com
- Prospect House, Rouen Road, Norwich NR1 1RE
Jo trained as a chartered accountant and qualified in 2002 doing accounts preparation, audits including for charities. She then joined McTear Williams & Wood Limited on secondment in 2009 and decided to make a career as a Licensed Insolvency Practitioner.
- Jo specialises in administrations including pre-packs and trading administrations and is involved in forensic recovery work.
- Acts as an Insolvency Practitioner in all forms of corporate insolvency including administrations, pre-packs, liquidations and company voluntary arrangements.
- Acts as Insolvency Practitioner in individual voluntary arrangements and bankruptcies.
Jo qualified as a Chartered Accountant in 2002 and Licensed Insolvency Practitioner since 2019.
The Benefits of Administration
- Get immediate relief from your creditors – giving you time to help your business return to profitability.
- Your company can still go through other procedures – including a debt restructuring CVA or a voluntary liquidation.
- Continue trading with your clients and market – whilst your options are fully assessed for the future.
- Restructure – by concentrating on the business activities and functions that are still profitable.
- Can protect the continuity of your business – by selling your business as a going concern in a process where you can bid and buy the business back free of debt.
Contact us now, in confidence, to speak with us about voluntary administration or to get help and advice on voluntary administration. Feel free to give us a call on 0800 331 7417 or email us info@mw-w.com.
Businesses for sale
Sometimes there is a need to sell the business and/or assets arising out of an administration and you can find out more about businesses for sale both from McTear Williams & Wood and other insolvency practitioners at the UK’s leading insolvent business and asset website www.ip-bid.com – this is the UK’s online marketplace for buyers and sellers of businesses in distress.
If you are struggling to repay this loan we can help you understand what options might be available to ease the financial strain. Either call us to speak to one of our experts or arrange a free initial consultation meeting.
