If a company is in financial difficulty, voluntary administration is designed to resolve a company future direction quickly with an independent voluntary administrator taking full control of the company.
Early discharge of bankruptcy may be applied for at any time after 6 months under certain circumstances. Discharge of bankruptcy releases a person from any future obligation after the bankruptcy period has ended.
A deed of company arrangement is a binding arrangement between a company and its creditors governing how the company’s affairs will be dealt with, which may be agreed to as a result of the company entering voluntary administration.
Liquidation is in effect the bankruptcy of a company. It is whereby a Liquidator is either appointed or by the members of the company or a creditor. The Liquidators role is to sell up and dispose of the assets of the company and realise on them for the benefit of the creditors.
We provide professional accountancy services in order to best manage your personal and business finances both now and in the future.