All members on the Exchange are vetted to high standards during their onboarding process as well as continually after purchasing a subscription. In some circumstances, we may have to implement restrictions on new members to ensure they are meeting their payment obligations in the initial stages of their membership. This is including credit checking and reviews of previous trading on the platform, if any by the debtors or related partiers
Starting a business or company comes with its own risks, including failure, and we must protect our trading community when this happens by implementing account restrictions.
What does going into administration mean for a Company?
Going into administration for a company means a company is being taken under the management of an administrator who must be a licensed insolvency practitioner. We can be made aware of businesses going into administration by other members, insolvency practitioners, County Court Judgements (CCJ’S) or by gazette notices.
What are the next steps?
When we receive this information, we will contact the member in question to learn the status of their business from a Company Director. If administration is confirmed, restrictions will be put on the account promptly to prevent any further loads from being posted. Access to the diary and accounting sections of the website will still be available but the account will eventually be revoked.
Where possible, we will provide the contact information of the insolvency practitioner handling the case to those who have completed loads on the member’s behalf, from then on you will need to liaise with the insolvency practitioner directly.