Administration is a formal insolvency procedure which is used to protect a company that is insolvent (unable to pay its debts) and to help it achieve a better outcome for its creditors than would be achieved if it went into liquidation (winding up).
If you are considering putting your company into administration, it is important to seek professional advice from an insolvency practitioner. An insolvency practitioner can assess your company’s financial situation and advise you on the best course of action.
