Innovative Strategies for Company Administration
Testimonial from a Solicitor for our Work on a Company Administration
This article features a testimonial from an Essex based solicitor for our work following their client’s appointment of two of our Insolvency Practitioners as joint Administrators on one of their (the solicitor’s) cases. We look at some brief details of the case, which we hope demonstrates the quality of our approach and the innovative strategy we adopted to secure the best possible outcome for the creditors in this particular company administration.
Background to this Company Administration
The case is an administration that two of our licensed insolvency practitioners, Tom Gardiner and Hugh Jesseman, were appointed to by Scott Porter, Head of Insolvency at Ellisons Solicitors, on behalf of his client a debenture holder over the assets of the company.
The company placed into administration was a non-trading holder of asbestos licences. The charge holder, for whom Ellisons were acting, invested in the company and an associated trading company taking directorships and a fixed and floating charge over the company that Tom and Hugh were appointed as administrators of.
Administrations are never straightforward, and each one must be handled in a way that will secure the best possible outcome for the creditors. In this case, our strategy was to collect an inter-company debt into the company in administration and pay the charge holder – effectively the creditor – as much as possible under his charge.
This is What the Referring Solicitor Said About our Work
Scott Porter said:
“I acted for a secured creditor owed money under a debenture and I appointed Tom Gardiner of Antony Batty & Co as Administrator of the company under my client’s qualifying floating charge.
I appointed Tom because of his commercial approach and his specialism and expertise in complex insolvency investigations. Tom’s background of acting for and advising secured creditors made him the obvious choice for this matter. He has brought a proactive approach to this case and demonstrates a clear commitment to securing the best result for creditors.”
Head of Insolvency, Ellisons Solicitors
We are grateful to Scott for his kind comments about our work. We are regularly referred insolvency work by solicitors and accountants. When we are referred we also look to be flexible with the fees that we charge. In this case, for example, we acted on a contingent fee basis, negotiated and agreed in advance, in which the amount of the fee was dependent on the attainment of a specific result for the client. Click here to see some more testimonials of our insolvency work.
Contact us for Help and Advice With Company Administration
As with most industries, the world of Insolvency Practitioners is a competitive one, especially when it comes to Company Administration work. The reason why a Licensed Insolvency Practitioner is appointed as an Administrator is based on the skill set and experience of the firm and the ability to provide the best possible outcome for stakeholders. Flexibility in our approach to fee structure is one of the many ways we are set apart from our competition.
Interested in this Administration Testimonial? Want to find out more?
If you or your business is facing insolvency, the sooner you contact us, the more we can help.
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