Many people think that a company that has gone ‘into administration’ is already beyond rescue; this could not be further from the truth.
In fact, administration is specifically designed for companies that are still rescuable, and protects them against action from creditors to provide some much-needed breathing space for restructuring and consolidation.
This gives you the time to consider:
- selling or closing all or part of the business;
- short-term trading to attempt to return to profitability;
- changing business practices to improve earnings potential.
In turn, Crawfords Insolvency works to achieve several aims on our part:
- first and foremost, to try to save your business;
- to avoid incurring any further business debts or liabilities;
- to save your employees’ jobs wherever possible.
Together, these considerations from you as the business owner, and commitments from us as insolvency advisers, combine to create the best possible set of circumstances for turning the business’s fortunes around.
As always, we will act on an informed basis – beginning with a thorough health assessment of your company and its long-term viability.
We look for potential solutions, such as investor finance, full or partial sale, and other avenues of income; and once a solution is found, we return control of the business to you.
There is also the option of a Pre-pack Administration; this is a regulated process that involves selling the business back to the directors as soon as an administrator is appointed.
It has attracted some criticism in the press, but it may still be the best solution for your specific circumstances, and we will advise accordingly if we believe it is the best way for you to proceed.