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Buying a Business via Pre-Pack Administration
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A pre-pack Administration is a pre-arranged sale of the company’s business and certain assets as a going concern.
The buyer can be a third party, trade buyer or the current directors/ owners can purchase the business via a new company.
The buyer agrees the terms of the sale with the proposed Administrator, and they complete the sale at the same time as the company enters Administration.
Our Licensed Insolvency Practitioners are experts at dealing with pre-pack sales of businesses and complete a number of these transactions every year.
Typically, the pre-pack process works as follows:
- Valuation – the business and assets are valued by an independent valuer.
- Sales and Marketing – the business is then marketed for sale on the open market. Clearly this is initially on a no-names basis, until any interested parties sign a non-disclosure agreement.
- Deadline is set for best & final offers – the time period is agreed to ensure that sufficient marketing time is available but also that the business is able to continue to trade during this period.
- Offer accepted – the proposed Administrator then accepts the best offer received and instructs solicitors to prepare a sale agreement.</l
- Consent from secured creditors – often the proposed Administrator will need to obtain consent for the sale from secured creditors (Banks).
- Completion and appointment – once the terms of the sale are agreed and consent is obtained, the sale completes immediately after the company enters Administration.