An Administration order is where a court judge has agreed to place a company into the UK insolvency process known as Administration, with the physical order being the piece of paper which the judge has stamped and approved granting this process.
In most cases the existing directors or shareholders have submitted an application to the court to put their company into administration because they believe that the company is unable to pay its debts in full and because it is felt that one of the three purposes prescribed by insolvency law can be achieved (such as, saving the company as a going concern, or paying a better dividend to the creditors).
For further information on Administrations generally, such as a free guide, an explanatory video and full content on the pros and cons of this process, click here ADMINISTRATION.
Advice on Administration Orders for your Company
If you are looking for an administration order for your company then you will need a licensed insolvency practitioner (“IP”) to assist you as within the application to the court you must nominate an IP of your choice to take the appointment.
You should take care when choosing an IP as the result of a failed application for an Admin Order can often result in your company being placed into Compulsory Liquidation which is a process out of your control.
You should also be mindful that advice organizations such as citizens advice are not legally qualified to advice on such matters and therefore advice should always be sought from a licensed IP when deciding upon whether an admin order is right for your company.
Bridge Newland Limited are admin order specialists and have helped many businesses obtain an administration order therefore feel free to give us a call on 0800 612 6197 for advice at no initial cost or fill out an enquiry on our contact us form by clicking the below button.