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Partner and Head of Family Law, Rugby
Getting advice as early as possible is key to finding the best solution for you
Head of Commercial Recoveries
When a company is approaching insolvency, it is important to think of options to ensure that the core business, which is often profitable, can be restructured. One option is for the directors of the existing company or a third party to set up a new company to purchase the profitable part of the business including the assets and goodwill, known as a pre-pack. We can assist by referring you to a suitable Insolvency Practitioner who will work with you regarding the sale of the business and the negotiations of the purchase. The aim of the pre-pack is to preserve the value of the business, particularly the goodwill. An agreement is reached with the Insolvency Practitioner for the purchase of the business of the company in financial difficulties before the formal appointment of an Administrator or Liquidator.