The 7 Stages of Company Administration Process UK
Initial Company administration advice meeting
Set up for either the same day for an 'online meeting', or a face to face meeting at a time and place to suit you. At least one of the company's directors will be present to explain the finacial situation.Book a meeting
1 - 14 DAY
Review information and advice
The information is reviewed and advice on all of the available options is given. A fee quote and terms of business are given for review. How to deal with any company assets, along with any other matters specific to your company is discussed.
1 - 3 DAYS
Instruction and arranging the board meeting
If you agree with the terms, you formally instruct the practioner to assist in placing the company into administration. A designated board member is agreed to sign the administration documents.
5 BUSINESS DAYS
Notice of intention to appoint an administrator
If the company has a qualifying floating charge holder registered at Companies House, advance notice of the administration must be given to them. The designated board member will need to visit their solicitor to provide a statutory declaration on the document.
Appointment of an administrator
Once the notice period have expired or if the charge holder has consented, the notice of appointment is filed in court. The designated member will need to visit their solicitor for a further statutory declaration.
11 Business Days
Statement of affairs
Once in administration, the Administrator will require you to provide a statement of affairs, detailing the company's assets and liabilities. This is something you can often prepare with the assistance of your accountant. Once it is completed, the contents must be signed off and a copy is provided to the Companies House.
9 - 12 MONTH
Post liquidation assistance & closure
The practitioner will work with you to ensure that the company's books and records are moved to the Administrator's office and that all assets are properly realised. Once it's clear that there are no outstanding matters, an application for dissolution is made or the company move into liquidation.