How to place a company into Administration?
There are many different ways to place a Company into Administration, all of which are dependent on the Company’s individual circumstances, whether there is a Qualifying Floating Charge Holder and what action creditors have taken against the Company.
Assuming that no Winding Up Petition has been issued, a Company can be placed into the Administration simply by filing documents in Court. A hearing is not even required, the forms merely need to be stamped by the Clerk. This means that a Company can be placed into Administration extremely quickly and a freeze on creditor actions have be achieved within a matter of hours.
If a Winding Up Petition has been issued a formal application to Court will be needed, which can be both lengthly in terms of time and expensive and therefore is a much slower process.
Accordingly it is always better to take action sooner, rather than later, as the Company will have more options available to it, and the costs will be significantly less.
More information can be found on our How to Place a Company into Administration webpage.
Alternatively, if you would like a free face to face, or a telephone or Zoom meeting, with a Licensed Insolvency Practitioner, please ring 01326 340 579 or 01305 458 383, to arrange a mutually convenient time and date to discuss the options open to you and your Company.
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