A pre-pack administration provides for the sale of the business to be pre-packaged before the administration commences and the Administrator is appointed.
A pre-pack administration provides for the sale of the business to be pre-packaged before the administration commences and the Administrator is appointed.
The business is then sold immediately after the administration commences and there is a seamless transfer of the business. The sale will typically include all assets, goodwill, website, intellectual property etc.
A pre-pack is often more desirable than other alternatives because:
• It means the business can be sold without interrupting the trade
• It avoids the significant cost, which is unavoidable if a company continues to trade whilst in administration.
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