A Pre-Packaged Administration or ‘pre-pack’ is where a company is put into administration and its business and/or assets are immediately sold under a sale agreement which is arranged before an administrator is appointed. A Pre-Packaged Administration can be used when a company is failing due to serious financial difficulties such as historic tax and trade debts, unfavourable lease agreements or problem factoring agreements.
If you believe that without its liabilities your company has an underlying value then a pre-pack may be for you.
Any proposed Administrator must be a licensed Insolvency Practitioner and has to achieve certain requirements in order to make the process viable. The first step in establishing whether a pre-pack is an option available to you is to contact us to discuss the value of the assets of your company. You may then be able to buy back the assets from the company and start trading under a new company without the burden of the historic debts.
If you decide to go ahead with a pre-pack then we will file the necessary documentation and depending on the security creditors hold over your company, an administration order may be granted on the same day giving you full legal protection against all company creditors.
Pre Pack Benefits
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