Mostly a company administration should not happen. A bank can send a company into administration when a bank controlled debenture is lodged against the company. This can give the bank the right to appoint an administrator to control the company.
You lose control and the administrator is free to sell the company to a third party or trade it on or liquidate it. It was your company but it would no longer be so.
So if someone is threatening you into a company administration then you should be very worried. It is rarely good for the creditors, disastrous for the shareholders and even pretty dismal for the debenture holders.
There are probably better ways to deal with the situation than to give up control. To guide you through the fast pace to keep in control of your business ring TaxGone on: 01302 815846 right now.
TaxGone - Company Voluntary Arrangement - CVA Specialists
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