If your company is struggling financially but there is a good business which can be saved, placing the company into administration is the right solution.
Proposals must be agreed by a simple majority of unsecured creditors. No requirement for agreement by shareholders.
Proposals must satisfy at least one of the following conditions:
- Rescue of the company as a going concern
- A better result for creditors than liquidation
- A return to secured or preferential creditor
Providing certain conditions are met, the business and/or assets can be sold to the directors or other connected party.