Put your company into administration
You can put your company or limited liability partnership (LLP) into administration if it바카라 사이트™s in debt and can바카라 사이트™t pay the money it owes.
You바카라 사이트™ll be protected from legal action by people or organisations who are owed money (바카라 사이트˜creditors바카라 사이트™) and nobody can apply to wind up your company during administration.
Administration can mean your company doesn바카라 사이트™t have to pay all its debts in full - but your company can still be wound up.
There are other options for handling your company바카라 사이트™s debts - you can get legal advice if you바카라 사이트™re not sure administration is suitable for your company.
Appoint an administrator
You must appoint an administrator - who must be a professional 바카라 사이트˜insolvency practitioner바카라 사이트™.
During administration you must hand over control of your company and everything it owns (its 바카라 사이트˜assets바카라 사이트™) to your administrator.
The administrator바카라 사이트™s fees are paid by your company.
How administration works
The administrator will write to your creditors and Companies House to say they바카라 사이트™ve been appointed - they바카라 사이트™ll also publish a notice of their appointment in
Your administrator will try to stop your company being wound up (바카라 사이트˜liquidated바카라 사이트™). If they can바카라 사이트™t, they will try to pay as much of your company바카라 사이트™s debts as possible from the company바카라 사이트™s assets.
Your administrator has 8 weeks to write a statement explaining what they plan to do.
They must send a copy to creditors, employees and Companies House and invite them to approve or amend the plans at a meeting.
The administrator could decide to:
- negotiate a Company Voluntary Arrangement (CVA) so your company can keep trading
- sell your business as a 바카라 사이트˜going concern바카라 사이트™ to another company - meaning your business can carry on, eg by keeping its clients, workforce or orders
- sell your assets as part of a creditors바카라 사이트™ voluntary liquidation, pay your creditors from any money raised and close your company
- close your company if there바카라 사이트™s nothing to sell
For as long as the company is in administration your administrator will run your business.
The administrator has control over your business during administration, eg they can cancel or renegotiate any contracts you have or make employees redundant.
When administration ends
Your company바카라 사이트™s administration will end when either:
- the administrator decides the purpose of administration has been achieved, eg a CVA has been agreed with the creditors
- the administrator바카라 사이트™s contract ends - this happens automatically after a year, but it can be renewed
You won바카라 사이트™t have protection against any legal action your creditors take once administration has ended.