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In some cases, the owners of an insolvent company may be able to sell all or part of their business and assets of the company through a Pre-Pack Administration. Although there are benefits to Pre-Pack Administrations, there are certain criteria that must be met to determine whether it is the best option.
This kind of arrangement involves the appointment of an Insolvency Practitioner who is required to act in the interest of the company’s creditors. In addition, the appointed Administrator, who will oversee the sale, must be able to demonstrate that this was the right course of action. This will involve assessing every other option available to the company to prove that a Pre-Pack Administration is being considered for the right reasons.
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The Process
Through a Pre-Pack Administration, the new company may be run by the previous Directors, or new owners who wish to purchase the assets. In order to be eligible for the process, the return to the company’s creditors must be greater than would be achieved through simple liquidation of the company.
It is legal and often viable for previous directors and owners to buy a company’s business and assets through a Pre-Pack Administration – contact us to find out if this is the most appropriate option for your business, and how to get started with a Pre-Pack Administration.
The Benefits
A Pre-Pack Sale of assets to a new company operated by the previous Directors often provides the best outcome to both the owner of the business, and the creditors of the old company. This route of action minimises disruption to your business as it ensures that your assets are sold to your new company.
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How Anderson Parker Can Help
We have a broad spectrum of partners in the Financial Services sector, making us ideally placed to find the best solution for you or your company’s financial situation. Anderson Parker specialises in HMRC debt and can help you with Time to Pay (TTP) arrangements, debts and arrears, Individual Voluntary Arrangements (IVAs), and much more.
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