An administration is a court appointment that places the company into administration. An administrator is appointed to deal with the company, which may involve running it, selling it, or closing it if there are no prospects of a sale.
There are many ways in which a company can be rescued.
Many businesses suffer from cash-flow problems, usually as a result of increasing debts and/or a drop in turnover and are struggling to get their finances in order. A profitable business can be rescued. What is important is that the right procedure is entered into and that all other avenues are explored.
Your business could be facing less serious issues that if dealt with correctly and quickly enough could result in getting your business back on track. There are many ways in which a company can be rescued.
At Revive Business Recovery we have many years of experience in company rescue services and can provide you with the right advice and solutions to turn around your business and rescue your company.
A CVA is an agreement with all your creditors, which (if they agree) puts their debt on hold. The company will continue to trade and will pay to the supervisor of the CVA an agreed amount.
Even if a company is going to be liquidated or is to be closed as part of an administration, people connected in that company often set up again and purchase the assets of the old one.