Partnership Administration Order - Explained

 
This procedure is designed to protect partnerships from creditor action while a restructuring or sale plan is developed.

Following changes to legislation introduced in September 2003, the administration procedure is now streamlined which has resulted in reduced costs and better returns to creditors. An Administrator can be appointed by filing documents at court and with a few exceptions, the administration must be concluded within a year.

The administration must achieve:

1) Rescue of the partnership as a going concern or if that is not possible

2) Achieving a better realisation of the partnership's assets than in a liquidation

Only if the neither of the first two purpose are possible, can the administrator use the third purpose:-

3) Realising property in order to make a payment to the partnership's secured or preferential creditors

 

The Next Step

The options for a financially distressed business need to be very carefully considered. Simply forward your details on our Contact Form and we will contact you. Alternatively ring us on our FREE ADVICE LINE 0800 781 0990.

 

All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to advise and administer the most appropriate action - all fees will be outlined during your consultation. Retained payment may place you further into arrears. The Business Debt Advisor complies with the Consumer Credit Act and you have the right to a cooling off period of 7 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term.
Calls to our free phone number from mobile phones and other networks may be charged.