Crawfords Insolvency are here to help with any company administration advice you might need, from the very first days of financial difficulty through to disposing of assets and reimbursing the right creditors if your business is not able to be saved.
This is an important process with recognised procedures, and it is crucial that you get it right if you want to be able to run a business again in the future, and to wind up your business in the appropriate legal way without neglecting your obligations to your creditors and any employees.
Remember that many of your employees may seek professional advice about their employment rights during company administration, so you should be sure to do the same so that you do not face any claims of unfair treatment at what is already a turbulent time.
In many cases, company administration advice from Crawfords Insolvency allows businesses to be restructured, streamlined or sold as a going concern, by offloading underperforming departments and capitalising on assets to clear debts owed elsewhere in the company.
You may be able to write off some of the debt owed, rather than repaying it at all, especially if your creditors are willing to agree to this overall in order to get back at least some of the money they have lent you – this also goes for suppliers who have provided goods you have not yet paid for.
Company administration advice from Crawfords Insolvency will start quickly to take prompt action once you give us the go-ahead, as every day matters when trying to halt a business on the precipice of financial disaster.
We can liaise with your creditors to delay them from petitioning for your business to be wound up, and will make sure you meet your other obligations once in administration, such as notifying Companies House, posting a notice in The Gazette, and drawing up a plan of action for how to proceed.
Company administration can last for up to a year as standard, but in more complex cases we can arrange to continue providing advice beyond the initial period – and of course our insolvency advisors are here for any other enquiries you might have about corporate insolvency, administration advice and company voluntary arrangements.