What is a Moratorium?
A Moratorium is a legal procedure whereby protection is provided to a company that is struggling by stopping all legal action being taken against the Company, without permission of the Court (except employee proceedings).
The Moratorium is to allow breathing space for the Company to consider all rescue options.
The Moratorium lasts for 20 days and can be extended for a further 20 days without creditor consent or for a longer period with creditor consent, by filling the relevant documents with the Court. It can also be extended further on an application to the Court. Any extension of the Moratorium must be made before the expiry of the current Moratorium.
The Moratorium is overseen by an Insolvency Practitioner though the Directors remain in control of the Company.
Feedback from our customers.
“We could not see any way in which we could save more than 75% of our workforce. We approached Seneca IP who assisted us in the process of Liquidation but also dealt with our staff empathically and in a most professional manner.”
“We could not trust the advice we had received elsewhere and were introduced to Seneca IP. Within minutes of meeting with Mr Hedger we were satisfied that we were in capable, professional hands. The entire team at Seneca saw us through what was admittedly a very tough time, their knowledge and professionalism was second to none and I do not hesitate to recommend them to anyone who finds themselves in the unenviable position we did.”
“I am writing this letter of recommendation to express my sincere gratitude to James Annerson and John Hedger from Seneca IP Insolvency Practitioners for their exceptional help, guidance, and support during my company’s liquidation process. Their professionalism, expertise, and friendly approach made the whole experience much less stressful than I ever thought possible.”
Call 01629 761700 today for a free consultation.
Monday-Friday: 09:00-17:00
Call 01629 761700 today for a free consultation.
E-mail: enquiries@seneca-ip.co.uk
Contact Form
Monday-Friday: 09:00-17:00
Saturday: Closed
Sunday: Closed
