Independent Business Finance Brokers
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Commercial Administration
Administration
What Is
Administration?
Administration is there to protect a company whilst it achieves its aim, whilst placed in administration the company will be under control of an insolvency practitioner. The practitioner will be given the title of ‘Administrator’ and will protect the company from creditors. This will prevent actions against the company without permission from the court or administrator.
How Can I Get
An Administrator?
There are many ways in which an administrator can be appointed. It could be from the company directors themselves, the courts, or an application from the company shareholders or creditors. An administrator can also be appointed by a company which has a qualified fixed or floating charge.
Why Do I Need
Tax Problems?
At Tax Problems, we will advise company directors for free whether administration is appropriate. We will listen to you and any concerns you may have. We will answer any questions and if you require us to, we will recommend a few suitable insolvency practitioners.
Many companies have come to us wanting to achieve one of three objectives and this is where we could help you.
To rescue their company
To achieve an agreement with creditors
Released assets to secure a preferential creditor
What Do
Administrators Do?
He/she will be appointed as the administrator and will decide if a company should continue to trade. The administrator will also take control of the company and all its assets. The administrator will have 8 weeks to present a proposal to the creditors of why and how the administration can be achieved, and the creditors will have up to 10 weeks to decide on this proposed action.
Depending on the progress of the administration the outcomes can be as follows:
- The company directors and management may take back full control of the business
- If no funds are owed to unsecured creditors the company may request to be dissolved
- A voluntary arrangement may be agreed
- The company may proceed into liquidation
Free advice on: 01903 660091 / 0800 622 6096
Asset finance is a type of lending that enables you to access business assets such as equipment, machinery and vehicles without having to buy them upfront. It can also allow you to release cash from the value in assets you already own or use your existing assets as security against a business loan from an asset finance lender.
Business asset finance is typically attractive to businesses who want to put their growth plans into action but don’t necessarily have the ready cash, or business owners who would rather spread large costs over a longer period.
Short-term asset finance also enables businesses to remain competitive by making it easier for them to access the latest technology. Asset finance is a broad category that relates to valuable items in your business.
Here is one of our case studies of asset-based invoice finance –
Case Study - Feb - 2019
Invoice factoring for Essex based building company
This company had been awarded a large value contract with a London borough council to install new kitchens and bathrooms into their residential council properties. With limited funds in the bank to cover the cost of labour and materials, Grow Funding arranged a suitable Invoice factoring facility to allow the business to release cash tied up in their outstanding invoices. This means going forward at the point of them giving the invoice to the council they can factor the invoice to provide them with cash in the bank to cover their cash flow needs. An initial facility size of £165,000 was set up with view to this growing over time.
The Advantages:
• Credit insurance to protect you against bad debtors
• The funds are secured and valued against your assets
• Funds can be used for any business needs
• There is the possibility of being flexible in comparison to loans and overdrafts
Grow Funding ltd - 70 Goring Road - Goring by sea- Worthing - West Sussex - BN12 4AB
01903 660091
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