If your company is going through difficult times and it is unable to keep up with payments to suppliers, HMRC, the bank and other creditors, you may be considering putting your company into administration.
As a Sheffield City Region based company, you may be considering using a company administration expert in the Sheffield area.
A company administration is a way to protect your company from creditors whilst all the options are explored for rescuing the company. Your company may have a great product or service, with loyal customers and hard-working employees. But something has happened which has had a big impact on cashflow and as a result it is struggling to survive.
An administration puts a protective ‘wrapper’ around your company, preventing creditors, HMRC or bailiffs from taking any action against the business. Meanwhile, an administrator is responsible for running the company and all the options are explored for deciding what to do next to save as much of the business as possible. Many businesses in Sheffield go into company administration every year and many of these companies will go on to prosper after the administration.
You can appoint your choice of administrator who will deal with all aspects of the administration, taking away the pressure and stress of dealing with the company at this difficult time.
Make sure that you appoint an administrator who has the relevant experience of dealing with company administrations and who is properly licensed and authorised to carry out company administration work. We are Sheffield City Region-based company administration experts and can offer confidential and professional advice on all aspects of company insolvency.