This is a court procedure that gives the company some breathing space from any action by creditors. One of the company’s purposes must be to:
The Enterprise Act 2002 has made this process more accessible to smaller companies in that a Court application does not have to be made but merely the requisite documents need to be filed at Court.
- Survive, in whole or in part, as an ongoing business;
- Organise a voluntary arrangement or compromise with its creditors;
- Get a better realisation of assets than would be possible if the company went into liquidation
This process must be done with the assistance of a Licensed Insolvency Practitioner who will be appointed as Administrator. The Administrator’s role will be to ensure the company is able to either trade out of its difficulties or alternatively that the best possible recovery is made for creditors.
For an initial free consultation please call 0151 236 9999 or email us