What does going into administration mean?
We\’ve also seen recent headlines of large companies going in \”Administration\” but what exactly does it mean? Company directors are legally forbidden from allowing a company to continue to trade when they know it is insolvent. They do not, however, necessarily, have to wind up the company immediately and declare it failed. Instead they can […]
At what point do you need to appoint an Insolvency Practitioner?
Although the name “Insolvency Practitioner” suggests that the profession is for times when companies are seriously looking at declaring insolvency, in actual fact, Insolvency Practitioners are, fundamentally, people who are skilled at steering companies through choppy financial waters. They will look to bring the company ship into a safe harbour if at all possible and […]
Does an Insolvency Practitioner work for me or my creditors?
Generally speaking, a person works for their employer and hence is expected to keep their employer’s best interests front and centre during their working hours and even outside of working hours, they are usually expected to avoid putting themselves in situations where there is, or could reasonably be perceived to be, a conflict of interest. […]