Scottish insolvency stats – There may be trouble ahead
February 27, 2024
Administration is designed to deal with situations when there is an urgent need to protect the value of a business from enforcement action by unpaid creditors or where a viable business needs breathing space to regroup and implement a survival strategy.
Administration is a formal insolvency process, which puts an immediate ring fence around the company and its assets so that no creditor can start or continue action to recover their debts. If your company is in debt and being pressurised by creditors, who are threatening legal proceedings or in the worst case scenario have issued a winding up petition and then seeking the protection of Administration may be the best option. If you are a Partner, click here for Partnership Administration.
Administration works most effectively when:
In these circumstances it may be best to take urgent action to put the company into Administration; a legal process that requires the appointment of a licensed insolvency practitioner as Administrator.
For more information on Administration, we offer an initial free consultation to review the situation and make recommendations on the best way forward. If we think that Administration is the best route forward, our specialists can support the business at every step of the way through the process.
Contact our Head Office on +44 (0) 20 3326 6454 to arrange a no obligation and confidential call with one of our Partners.
“We approached Steve Parker of Opus when our business, which was in the hospitality sector, began to get into difficulties. Steve was helpful and supportive and gave clear and timely advice regarding our options. Resultantly the company was placed into Administration which was handled by Steve and his team in a fair and very professional manner. As a consequence we were able to emerge with a much slimmed down business which has flourished over a number of years allowing us to build up considerable reserves sufficient to see us through any future period of uncertainty”