disagreements} that could lead to legal action being taken against your firm.
If informal agreements and voluntary company agreements do not work,you may consider entering into company administration. Here,you hand over all the dealings of your firm to an administrator who takes charge of the company to restore its viability. They could well restructure the business or realise some assets to pay the secured creditors. Once you hand the operation to an insolvency practitioner,the creditors are not allowed to take any legal action to get back their monies,without the court’s permission. Bear in mind that,the practitioner will have to be satisfied that the company will produce better results if put under administration.
Insolvency is an unpleasant reality for many companies. Take advantage of the available company insolvency advice to assist you know where to start. It is good to understand the various options you can explore to save your business from liquidation. Once you identify which option has the highest possibility of saving your company,focus on it and have an open mind. With the right strategies,your business could get back to its feet.