Administration is a procedure designed to achieve the survival of a company as a going concern. Where that is not possible it is used to achieve a better result than closure of the business through liquidation, or at least to provide a return to secured or preferential creditors.
Administration may involve a pre-packaged sale commonly known as a “pre-pack”. This is a procedure where the sale of a business is agreed in advance and completed immediately on the company going into Administration. Thus the business is transferred prior to the publication of any proceedings and prior to the creditors becoming aware of the process. This preserves any goodwill and maintains the continuity of the business.
Yerrill Murphy can accept instructions in relation to the Administration procedure.