A pre-pack liquidation is a favoured way for a company
that is in financial difficulties to properly and correctly close the
loss making entity, so as to protect the directors from accusations
of wrongful trading, but also to enable the business and the employees
to be transferred to a debt free company.
It is the view of government that it is better to preserve
the business and let the legal entity fail, than let a potentially profitable
business founder. This is entirely the basis for the basis of the pre-pack
liquidation. We have the expertise to help you set up a new company
and, with the blessing of the proposed liquidator of the insolvent company,
conduct a sale for value of the on-going trading element of the insolvent
business to the new company and then close the insolvent company at
a creditors meeting.
There has been comment recently that there are too many
pre-pack liquidations happening now. However, with increasing failures
of companies, this is to be expected. A lot of businesses that are experiencing
financial difficulties are, on an underlying basis, sound trading companies.
If you take away their debt, they will flourish and continue to employ
staff and generate sales.
It is vitally important in today’s economic climate to keep people
with skills in employment, and to get companies trading with each other.
We can help arrange a pre-pack liquidation for such
businesses so that they can continue to build on the wealth of the country.
If you would like
to pre-pack your insolvent company and re-trade in a debt free new company,
please call us for an informal conversation on how we can assist, and
the likely timescales, or use the web form below.
if you need help with personal debt (rather than business related debt)
go to our free debt
management plan application form.
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