Administration is an appropriate course of action for companies which urgently need protection from creditors. Unlike a CVA a company can be placed into administration almost immediately by the court if the court considers that it is an appropriate and does not need the approval of your creditors.

A company placed into administration is instantly protected from its creditors and from any pending legal action. The company will be administered by a licensed insolvency practitioner though in practice much of the running may be delegated to the existing management. The administration process is designed to provide protection whilst the business is restructured and rescued.