In: ufaq
I have received a winding-up petition. What is it and what should I do?
June 30, 2020A winding-up petition is a formal legal document where a creditor has made an application to Court to place the COmpany…
Read MoreI have received a Statutory Demand. What is it and what should I do?
June 30, 2020A Statutory Demand is a formal document that is issued by a creditor which demands payment of an outstanding debt in…
Read MoreWhat should I do if I am concerned that my Company is insolvent?
June 30, 2020You should seek advice from a qualified insolvency practitioner at the earliest opportunity who will explain the options available to you….
Read MoreIs my Company Insolvent?
June 30, 2020A Company is insolvent if it is unable to pay its debts as they fall due or if its debts exceed…
Read MoreWhat is a pre-pack?
June 30, 2020A pre-pack administration is where the sale of the business and assets of a Company are sold almost immediately after the…
Read MoreCan a director make an offer to buy the business and assets of the Company once it is in administration?
June 30, 2020Yes they can. This will be negotiated through the agent appointed by the administrator. Details of any sales to connected parties…
Read MoreWhat happens to my Company once it enters into administration?
June 30, 2020Once in administration, the administrator takes over the day to day management and control of the company. As a director, you…
Read MoreWho can place my Company into administration?
June 30, 2020There are three routes into administration. These are: By an Order of the Court Appointment by a qualifying floating charge holder…
Read MoreWhat is the purpose of an administration?
June 30, 2020There are three objectives that are available to the administrator and they are either Rescuing the Company as a going concern;…
Read MoreWhat is an Administration
June 30, 2020Administration is an insolvency procedure which protects it from legal actions by its creditors, unless the administrator gives permission. It prevents…
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