disagreements} that could lead to legal action being taken against your company.
If informal agreements and voluntary company agreements do not work,you could consider entering into company administration. In these instances,you hand over all the dealings of your company to an administrator who takes charge of the company to restore its viability. They could well restructure the business or sell some assets to pay any 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 payments,without the court’s permission. However,the practitioner will have to be sure that the company will get better results when put under administration.
Insolvency is an unpleasant reality for many companies. Take advantage of the available company insolvency advice to help you know where to start. It is vital 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,follow it and have an open mind. With the right plan,your company will get back to its feet.