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Administration helps you to gain some control when your company is insolvent by stopping all legal actions from creditors who are chasing you for payment. It gives you a bit of space to step back and assess your options going forward, for example whether you are going to sell the company or try and salvage it.
In a pre-pack administration the sale of the company’s assets is negotiated prior to appointing an administrator and the sale is executed immediately after appointment. There are a number of benefits of using a pre-pack as opposed to a regular administration process, including a generally quicker completion time and being able to maintain some continuity of the business.
However, because the sale is arranged prior to the appointment of an administrator, creditors, shareholders and other potential buyers don’t get to find out about the sale until it has gone through, which has led to some scrutiny of the process in the past. Because of this, pre-packs are only appropriate in certain circumstances, so if it sounds like an option you would be interested in, please get in touch so we can discuss the most suitable route for your business.
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