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Pre-pack administration is a type of insolvency procedure that allows an insolvent company to sell its assets to a buyer before appointing administrators. This can be done quickly and confidentially, which can help to protect the value of the business and preserve jobs.
The pre-pack administration process typically begins with the company’s directors approaching an insolvency practitioner (IP) to discuss the possibility of a sale. The IP will then market the business to potential buyers and, if a suitable buyer is found, the sale will be negotiated and agreed in advance of the appointment of administrators.
Once the administrators are appointed, they will oversee the sale of the business and ensure that the sale proceeds are distributed to the company’s creditors. The pre-pack administration process can be a complex and time-consuming process, but it can be a valuable tool for businesses that are facing financial difficulties.
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