Administration is a formal process which provides quick protection for an insolvent company against legal action from its creditors.
It provides breathing space while the administrator formulates proposals for the best way to deal with the debts. The company will normally continue to trade under the control of the Administrator while the proposals are agreed and actioned.
Administration is sometimes used to provide protection for a company while a Company Voluntary Arrangement is formulated. More often, the protection against creditors provides time for the business to be marketed and sold.
Sometimes the business can be sold immediately upon the appointment of administrators, known as a Pre-Pack Administration.
Administration is one of the quickest ways to achieve protection from creditors.
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