The end of April saw The Insolvency Service release the latest official insolvency statistics for the first quarter of 2014 and an increase in the overall number of company insolvencies.Read more »
When a well-known business faces financial instability, it may be that a part of the business is still in some way profitable and therefore worth saving. Pre-pack Administration is a good way of saving a business that has high value in goodwill or is mostly dependent on the knowledge of its workforce.Read more »
The choices available for a company in financial difficulty are largely dependent on whether the directors of the business wish to continue.
If the directors do wish to continue with the business, then they can either negotiate an informal arrangement which allows them more time to pay; set up a company voluntary arrangement (“CVA”) or opt for administration.