Administration is designed to protect a company or partnership whilst plans are formulated to achieve one of the statutory objectives.
A Company Voluntary Arrangement is a procedure which enables an insolvent company to reach an agreement with its creditors to delay or compromise the payment of its debts.
Compulsory liquidation is a process where the court orders that the company is wound up, following a winding-up petition being presented to the court. It is the only way an unsecured creditor can directly bring about the liquidation of a company.
Creditors’ Voluntary Liquidation is a procedure whereby the directors of an insolvent company can voluntarily take steps to wind up the company.
Members’ Voluntary Liquidation is a procedure whereby directors wish to wind up the affairs of a company and the company is in a position to pay creditors in full.
A pre-pack administration sale is a formalised way of selling a business to a third party or the existing directors if the business has financial problems and/or is experiencing pressure from its creditors.
Mediation is a form of Alternative Dispute Resolution. It is a flexible process conducted confidentially in which a neutral person (the Mediator) actively assists the parties in working towards a negotiated agreement