Insolvency & TGI Fridays

Earlier this month (October), Thursdays UK Limited, being the operator of the UK brand ‘TGI Fridays UK’ has gone into administration, putting thousands of jobs at risk.

The joint administrators have, to date, sold over 50 TGI Fridays UK sites and transferred over 2000 employees. Over 1000 redundancies have taken place following the closure of 35 restaurants.

You can put your company, or limited liability partnership (LLP,) into administration if it is in debt and cannot pay the money it owes.

You will be protected from legal action by people or organisations who are owed money (‘creditors’) and nobody can apply to  wind up your company during administration.

Administration can mean your company doesn’t have to pay all its debts in full - but your company can still be wound up.

You must appoint an administrator - who must be a professional ‘Insolvency Practitioner’.

During administration you must hand over control of your company and everything it owns (its ‘assets’) to your administrator.

The administrator’s fees are paid by your company.

There are other options for handing your company’s debts and we can advise you on the process.

Here at Lawson West we can provide advice to companies, individuals and insolvency practitioners on all legal aspects of Insolvency, including administration. 

Our Employment Department can provide advice in relation to redundancies resulting from a company’s administration, advising employees as to their rights and or assist employers in navigating the redundancy process.

If you believe you have a situation where you require legal advice, contact our expert Litigation & Dispute Resolution Department today. Call us on 0116 212 1000 or alternatively fill in the free Contact Us form and we will get in touch as soon as possible.

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