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Administration
Administration
Company administration is a formal process designed to protect businesses facing financial difficulties while giving them time to restructure and explore recovery options. At RTI, we guide companies through this process, working to save the business from insolvency and find a path forward. This is most suitable for larger companies with complex structures and operations.
When should you consider company administration?
If your business is struggling with cash flow, creditor pressure, or other operational issues, administration can offer breathing space, protect employees, and prevent creditor action while we explore rescue options.
Key Benefits of Company Administration
If administration isn’t suitable, a Creditors Voluntary Liquidation (CVL) might be the best alternative. This allows for an orderly winding-up (closing down) of the company, maximizing creditor returns. For more information, visit our Creditors Voluntary Liquidation page.
Let RTI’s expert insolvency practitioners assess your company’s financial state and guide you to the right solution. Contact us today for a free, no-obligation consultation.
FAQ
The company owes me money, when will I get that back ?
The money you are owed will sit as a debt alongside the other debts of the company.
I have staff, what will happen with them?
Should staff be made redundant when the company closes, redundancy claims can be made to the Redundancy Payments Service. These payments are made by the government and not by the Director. There are times that directors can also make claims but this can only be handled once the company enters formal liquidation.
How much information do I need to find to close my business? Will it take me a long time to find everything?
10 minutes. At this stage our information request is simple and most of the information can be found on your phone or at home/office.
Photo ID and Proof of Address: PICTURE OF PASSPORT / DRIVING LICENSE & A HOUSEHOLD BILL
Accounts, Tax returns: YOU WILL HAVE THESE IN EMAIL FORMAT FROM YOUR ACCOUNTANT
Bank Statements: PDFs CAN BE SENT STRAIGHT FROM YOUR BANKING APP
Proof of Debts: EMAIL SCREEN SHOTS AND PICTURES OF LETTERS ARE ACCEPTABLE
Any further information required can be collected during the process but this is sufficient for this stage.
he company has leased premises, what happens to those ?
It may be possible to transfer this to the new company, or else the Liquidator will probably disclaim the lease and it is handed back to the Landlord.
I have a vehicle on lease, what do I do with this as I need it?
Vehicles and other leased assets are not owned by the closing business, the finance company own these. When the company enters liquidation, the liquidator will release a document to the finance company to disclaim any interest. This then allows the Director to discuss transferring the lease to their new company. In most cases, this is a very simple process.
Pages related to Company Liquidation
CVA Company Voluntary Arrangement
Creditors Voluntary liquidation (CVL)