Administrations

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• FWJ takeaway

If you are a director of a company that is facing financial difficulties, you don’t need to face the challenges alone. Our team can help.

It is never easy when you are a director of a company experiencing problems to know when to take decisive action and when to sit tight and try to ride through a financial storm.

Our years of company rescue experience have told us that no matter what the situation, it is always beneficial for a company that is facing financial difficulties to take expert advice at the earliest opportunity.

We work as a team with other trusted experts

Our team of expert lawyers work alongside professional insolvency practitioners who deal with administration situations on a daily basis. Together, we help companies to assess

• what options for successful business recovery are there available to the company;
• whether there is a viable business that could succeed if its’ current financial issues were eased;
• if the business is viable, what sort of restructuring and rescue tools are available to me;
• whether administration the right procedure for the company, and whether it is more beneficial than other available restructuring solutions.

Advantages of the administration process

There are many advantages for a company choosing to go into administration.

A company administration is a formal insolvency procedure putting a company into administration with a view to either

• rescuing the company as a going concern; or
• allowing for a better outcome for creditors than an alternative company insolvency procedure, such as a company winding up.

One of the key advantages of putting your company into administration is that the company enjoys protection from its creditors during the period of administration. This gives a company much needed breathing space to put into play a business rescue plan, and usually save jobs in the process.

An administration usually means that the company will continue to trade. This provides many advantages for a viable business, including the retention of goodwill.

If you are a business owner and are considering whether administration is a good option for you, then contact our expert team today to chat through your options. Our team has vast experience of administrations and can discuss with you whether an administration is the best option for you, or whether some other company rescue process may be more beneficial for your situation.

Once in a while you get an assignment where everyone makes life impossibly difficult. Mine was an administration which was intertwined in an irreconcilable family dispute. Every party had an entrenched self-interested position, all believed that I was aligned with another and there was a whole host of complex property issues to boot. For over eighteen months I was in daily contact with FWJ through litigation, possession proceedings, injunctions, negotiations, trespassers and the aforementioned property issues. The strategic thinking displayed by FWJ meant that I was always confident that the difficulties would be overcome. Of course they were and when I next need solicitors to act for me in such challenging and contentious circumstances, FWJ will get my call.

Steve Goderski, partner, Geoffrey Martin & Co