Further trading opportunities

This involved a commercial interior design company which was set up in 1991. Following the notice of intention to appoint an Administrator over the company, the business was marketed for sale but the only offer received was from the director via a newly formed company.

In April 2013, following our appointment, the sale was completed on the recommendation of an independent valuer by way of a pre-pack administration sale. The director believed that there were some pending contracts that would be agreed which would provide further trading opportunities.

The director had given a Personal Guarantee to the secured creditor and this will be reduced by way of repayment through the assets realised during Administration process.

It is important to take early advice - whilst all options are still open. The longer matters are left, the less control you will have over the outcome, and the harder it becomes to save a business