How is administrative receivership used?
Administrative receivership was commonly used by banks up to 2003 when the law changed although 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.
How can we help?
- Free initial assessment – find out the facts behind your businesses position and arm yourself with all the necessary information to make the right decision using expert advice from our specialists.
- Make applications to Court – our team understands how to communicate with the courts and the requirements of official orders. By working with our preferred lawyers we can arrange extensions allowing you to effectively manage your company’s situation.
- Structuring time to pay arrangements – if we can produce a watertight turnaround plan this can be used as the basis of a repayment plan to your creditors.
- Working with the Official Receiver – should all else fail then you may be able to request that McTear Williams & Wood is instated as the authority that deals with your compulsory liquidation, ensuring that the sale of your company and assets is handled in a fast and effective manner.
Director
- 01603 877542
- 07802 826591
- andrewmctear@mw-w.com
- Prospect House, Rouen Road, Norwich, NR1 1RE
Understand your financial options
Check the health of your business with our free business health check tool.
Get an indication as to whether your company has what it needs to survive.
Includes:
-Company health assessment
-Types of liquidation available
-Options & next steps
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Free advice line for distressed company directors > 08003317417
Your options
- Administration as an alternative – should you choose to go into administration rather than looking at rescue our expert advisors can ensure that the sale of your business is handled in a fast and efficient manner to deliver the maximum return.
- Our service standards – starting with full confidentiality through to taking an insolvency appointment to effectively liquidate your company, our service is personalised and flexible in line with your needs during this troubling time.
Act fast for a better result
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 is needed to return to full profitability, the more options are available to you.
How can we help - Book a free 1-2-1
If your company is struggling with unmanageable debts, decreased cashflow or concerns about about your company’s future, we can assess your situation and provide you with tailored solutions and options.
During your free initial advice meeting, we will discover a true picture of your company’s financial situation
and offer practical and expert guidance on your next steps.
Initial meetings can be held at our office or your premises and are completely confidential.
There is no charge for this meeting – charges only apply if and when terms of engagement have been agreed.
Related services
BUSINESS RESCUE & INSOLVENCY SPECIALISTS
Download your free Directors' guide
This free, easy-to-read guide is designed to help directors whose company is in financial distress. It will assist directors to navigate around insolvency issues and avoid potential pitfalls, split over ten sections this guide walks you through the matters in a logical order you are
likely to need to consider.
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