Administration can provide businesses with an invaluable opportunity to determine their best long-term options and strategy.
It’s a formal insolvency process which results in a company being placed under the direct control of a licensed insolvency practitioner (IP), who immediately takes charge of its overall daily management.
Licensed insolvency practitioners, like CG&Co, are bound by statute to rescue the company and ensure it continues trading as a going concern.
If this isn’t possible, the administrator must aim to achieve a better result for the company’s creditors than would occur if the company were placed into liquidation.
Creditors – among others – are prohibited from taking or pursuing legal proceedings against the company while it is in administration
“At CG&Co, we specialise in clearly outlining the choices that exist before ensuring our clients take the most appropriate steps to change their fortunes. We want to ensure that they can look to the future positively whenever this is appropriate.”
Daniel Richardson, Partner – CG&Co