A “pre-pack” is a process used by the Directors to recover an insolvent company through the sale & transfer of its assets to a new entity.
We at Cromwell Seymour look after your interests at all times.
Liquidation is frequently preferred to administer as a definite conclusion to the insolvent company, resolving potential criticism of the process. The sale of assets is subject to both debenture holders’ discretion & ratification by a creditors’ meeting. In most circumstances, this permits, business recovery at the benevolence of creditors.
Protection from legal action is almost instant with a final resolution in less than 4 weeks. During this time continuity is achieved by a license to operate issued to the new company.
Licenses & professional accreditation
We have considerable experience in agreeing to the transfer of various licenses & professional accreditation, including accountants, solicitors, barristers, architects, schools, tied Landlords & construction companies.