Blake-Turner were recently successful in obtaining an Administration Order for a company that had been presented with a winding up petition and had clear insolvency issues. Additionally, Blake-Turner were involved in the sale of the business to a company owned by its directors as part of the administration.
HMRC presented a winding-up petition against the company which was a run by its two directors. As a result the directors knew they needed to seek advice from an insolvency practitioner and insolvency lawyers. Blake-Turner were therefore instructed to issue an application for an Administration Order.
Blake-Turner worked closely with an insolvency practitioner, also based in the City of London, and the directors to prepare an application setting out the reasons administration would be the most beneficial route for the creditors of the company.
The application was listed to be heard in the High Court in London and Blake-Turner attended with a insolvency barrister. The order was granted and the company was placed into administration.
As part of the preparation for the application Blake-Turner were involved in the negotiations and preparation of paperwork regarding the sale of the business. The business, including its current contracts, was sold to its directors. This ensured that the business was able to continue and the contracts did not have to terminate, ultimately securing jobs, value for the directors and ongoing customer satisfaction.
This is an example of how Blake-Turner, as experienced insolvency lawyers, can assist your company with insolvency issues that it may face.
Paul Cooper was the lead partner in the above case.