Voluntary Administration is the legal process used to rescue companies facing financial difficulties.
The aim is to prevent liquidation. The process begins when an independent administrator is appointed by the company’s directors.
The administrator manages the affairs of the company so that the best possible outcome is achieved for everyone with an interest in the business.
Liquidation brings the company’s life to an end. It occurs because there are no other options for its survival.
During its life, the company’s activities have become woven into the fabric of both shareholders and directors, as well as the suppliers who have provided goods and services to the company.
Liquidation begins the process of bringing those activities to a close.
If you’re a secured creditor and you are unable to obtain money that is owed to you by a company, you can appoint an insolvency expert like BWA Insolvency to act as the receiver.
We can manage the sale of the asset used as the original security to repay the debt that is owed to you.
