Pre-pack administration is a great tool for helping a struggling business to remain viable by selling the business and assets to a "newco", which can even be the current shareholders.
Our Insolvency Practitioners Jeremy Frost and Patrick Wadsted have assisted many business owners through pre-pack administrations.
A pre-pack administration allows current owners and directors of a business to choose who to sell their company to. A deal for the sale of the insolvent company's business and assets is agreed in principle before the company goes into a formal insolvency process, usually administration.
The process provides business continuity and is a very cost effective option.
There can be negative publicity associated with pre-packs, but R3, the insolvency trade body, stated recently that they van be more beneficial to secured creditors.
Independent research shows clear evidence that pre-packs fare considerably better than alternatives in terms of the retention of jobs and returns to secured creditors.R3
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We give free and impartial advice on pre-pack administrations and business continuity from our offices in Croydon, London and Bournemouth.
If you would like to instruct us, we will quickly execute this process for you. Call us on 0845 260 0101 during working hours, on for urgent help call us out of hours on 07714 099 691 and talk to the experts in pre-pack administration.