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Administration is a legal process that protects a company whilst it is in insolvent. Administration is usually applied when companies are under financial pressure and need space to consider their options
If a company is in Administration it means that the business has been protected by a Court order with the objective of:
As a director, your powers end once the company goes into Administration.
The insolvency practitioner that you choose will help you to apply for an Administration order to protect your company or partnership. After the Court approves the application the administrator then takes control and the directors lose all of their powers.
Construction insolvency is one of the most common type of business we deal with as Licensed Insolvency Practitioners. The usual reasons for construction businesses to fail are:
The usual reason we then get called in is due to a company running out of funds, a statutory demand or winding up petition being presentenced by a supplier, or creditor, such as HM Revenue and Customs.
Bankruptcy occurs when a business or individual cannot repay the debts owed to creditors. You can make yourself or your business bankrupt or be forced into it by one of your creditors.
nsolvency occurs when a business does not have enough assets to cover its debts as they fall due. Failure to pay your debts can result in a business becoming insolvent.
An IVA will typically last five or six years. During this period your Insolvency Practitioner (IP) will review your finances each year and send an annual report to both you and your creditors.
Choosing to become bankrupt is a big decision. There are a number of alternative options to making arrangements with your creditors, call us today for a confidential chat.
Liquidation is the legal process by which a business (limited company or partnership) is brought to an end. A company or partnership usually stops trading as soon as it enters into the liquidation process.
Members Voluntary Liquidation (MVL) is a voluntary procedure where a company with net assets over £25,000 is put into liquidation.
If the business is viable and still has a future then a Company Voluntary Arrangement or Individual Voluntary Arrangement can be considered as a way forward. This is often called a rescue.
Wrongful or Fraudulent Trading occurs when the directors of a company traded a company after they knew that they could not avoid liquidation or take steps to reduce the loss to company’s creditors.
n England and Wales, an individual voluntary arrangement is a formal alternative for individuals wishing to avoid bankruptcy. The IVA was established by and is governed by Part VIII of the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor’s creditors via an insolvency practitioner.
A debt management plan is an agreement between a debtor and a creditor that addresses the terms of an outstanding debt. This commonly refers to a personal finance process of individuals addressing high consumer debt.
Your IVA payment will be calculated by analysing your income and expenses (not including any debt repayments). We then work out how much money you have left over each month. This left over amount is your potential IVA payment.
Bankruptcy can write off all or most of a person’s debts. It can ensure that creditors can”t hassle or take action against you. This can give you a fresh start, wipe the slate clean, so to speak – give you another chance to get things right.