If YOU, as the Director, believe the business is a viable business, if it weren’t weighed down by debt, a Voluntary Administration may be the right option. Administration provides the company “TIME” to put in place a Restructure/Turnaround Strategy via the Administrator appointed. All legal action by creditors is suspended through the process… and businesses can come back from the Administration process usually with up to 80% less unsecured debt!
In certain cases, and if required, assets can be purchased from the company also, to commence business in a new entity with no liabilities.
