Company AdministrationCompany AdministrationBusiness Recovery & Insolvency Company AdministrationChoose a specialist insolvency practitioner with a unique, inclusive approach to Company AdministrationAt Portland Leonard Curtis, as specialist insolvency practitioners, our perspective on company administration is different to most. We believe in an inclusive approach working with all stakeholders to achieve the best strategy moving forward. In this approach we include directors in the company administration process, believing that most have a valued interest in their responsibilities and wish to preserve their ability to stay in business.The process of administration is often used as a restructuring tool which enables a business time to tackle issues preventing success whilst a rescue plan or orderly wind down is achieved. As valued Insolvency Practitioners our goal is always to seek a recovery solution for viable companies during the 8-week period where legal actions against the company are deferred.For complete and confidential support for your Company Administration, talk to us and find out about:Aims to achieve a complete recovery of the businessProtects your company against being served payment demands or compulsory liquidationAllows time to devise a rescue plan and review non-profitable aspects of the companyActs in the best interests of all stakeholdersFitting solution where directors are concerned about the risks of wrongful tradingCall 01489 550 440 or complete the form for free advice or a no-obligation consultationWant to talk to us? No need to wait… LET’S WORK THINGS OUTGet some advice from business experts Forename Surname Email address Telephone Best time to callI understand contact from Portland Leonard Curtis will be strictly in accordance with the terms set out in its privacy policy The Company Administration processA formal insolvency procedureWhen a company is going into administration it enters a formal insolvency procedure which seeks to avoid the end of the company. Within a company administration process a licenced insolvency practitioner, such as ourselves, is appointed as the administrator of the company. With risk management as a key part of the process, putting sensible controls in place the administrator protects the interests of third parties without losing sight of their primary responsibilities.Proposals to creditorsThe administrator will seek to devise proposals to creditors within 8 weeks of administration commencing. Proposals can include restructuring options such as refinancing of the business, sale of the business or all or part of their assets, splitting the business into saleable divisions, or pursuing a Company Voluntary Arrangement (CVA) or Pre Pack Administration.During a creditor’s meeting each will decide if they approve of the proposals. Once the proposals are approved it can then take several months to carry out the planned administration. In total this should take no longer than a year, however this timeframe can be extended by the Courts or if the company’s creditors consent to it.Talk to industry leading business recovery experts trusted by UK business for over 30 years. Call us now on 01489 550 440CONTACT US TODAYCompany Administration ~ some FAQsWhat is an Administration order?An administration order is a formal insolvency procedure which protects a company whilst primarily focussing on rescuing a viable business.What protection does an administration order give?An administration order protects creditors from taking any further legal action against the company, such as serving payment demands, instructing bailiffs, or serving compulsory liquidation.What other procedures are open to insolvent companies?AdministrationCompany Voluntary ArrangementsScheme of ArrangementAdministrative ReceivershipsCompulsory LiquidationsCreditors’ Voluntary LiquidationHow do you enter into administration?There are three entry routes:By order of the courtBy a qualifying floating charge holderBy appointment of the company or its directorsI am a creditor of the company, what can I expect?The administrators will contact all creditors initially informing them of the appointment. Within 8 weeks of appointment they will then send a proposal which will outline the steps that have been taken and the strategy moving forward. Once approved by all at a creditor’s meeting the administrators are then required to provide an administration update every 6 months.When a company goes into administration any money available from assets of the firm will be used to meet debts in order of priority.I am an employee of the company, what can I expect?Employees rights are largely determined in the first 14 days of administration. Those who keep their jobs in the first two weeks become ‘preferential creditors’. In this position, employees are more likely to be able to recoup any payroll arrears. Alternatively, if they are made redundant, they become an ‘ordinary creditor’ meaning the will be amongst the last to received monies owed.During administration an employee as a preferential creditor has the right to be paid moneys owed up to a maximum of £800, redundancy pay, up to six-weeks holiday pay and any pension contributions. As an ordinary creditor, employees can claim 8 weeks wages up to a maximum of £525 per week via the National Insurance Fund if they have already made a claim within six months of their dismissal. They can also claim holiday pay for up to six weeks, pension contributions and statutory notice period that was worked but not paid.If the company is sold on in a pre-pack administration, then the rights of the employees are transferred to the new company.Why talk to Portland Leonard Curtis?We help over 85% businesses we work with avoid insolvency and continue to be successfulFrom insolvency to cashflow solutions – we provide a way forward with positive outcomes We’ve restored confidence in businesses and their owners for over 30 years, from start ups to large global companies
