Originally posted by XYFalcon
So are there any Accountants out there?
The company I work for has just had administrators appointed which is never a good thing, and I was just wondering how often a company pulls out of it on the other side rather than being wound up?
Everything depends on the individual company's state and prospects, but it's not a death sentence. Some companies will come out of administration stronger.
If the administrator thinks there's a reasonable chance of trading out of it, he'll give it a go, but he'll wind it up otherwise. It might take a while for him to work out what to do, so you might be in a state of uncertainty unitl a decision is made.
If you're in a position that's critical to the company continuing, the administrator should keep you as he needs your knowledge and skills. If not, there's an obvious risk that he might trim the staff if savings can be made that will enable the company to survive.
Hope it works out for you.