Voluntary Administration is a less known alternative to liquidation. How does it work? The board of directors resolves to put the company into administration. Administrators take control of the company. Creditors rights to pursue the pre-administration debt freezes for a five-week period (potentially extended by the court). An initial meeting of creditors is held, where ... read more.
Posts tagged with “Business Restructuring”
The Government on the 3rd of April proposed some legislative changes to the Companies Act in order to support business that are struggling due to the COVID-19 lockdown. One of the more interesting changes was the proposal to allow business to place their debts into hibernation. So, what is “Business Debt Hibernation”? Exact details aren’t ... read more.
It is astonishing how many directors and shareholders do not have an exit strategy. The company becomes their life and they fail to consider what will happen when they eventually want to retire or if they unfortunately become sick. An exit strategy is a vital requirement for any investor and should be considered ... read more.