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 “Liquidation”
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.
Image courtesy of reynermedia What happens with assets in a locked safe? During the course of a liquidation, assets and accounts must be evaluated to determine which assets belong to the company, making them available as a means to pay creditors. This, as you know, is standard practice. We would like to ... read more.
Image courtesy of walknboston If you’re trying recover debts, show strength If you are a creditor of a non-paying debtor there are many steps you can take to improve the chances of receiving payment of that debt. However, in our experience, creditors taking a more aggressive stance are more likely to receive ... read more.