Very simply, a pre-pack Administration facilitates the quick sale of the assets of an insolvent business.

The struggling business sells all or some of its assets to a new company. 新bbin台注册送现金可以拥有与原bbin台注册送现金相同的董事,也可以是一个完全独立的bbin台注册送现金,对收购bbin试玩体验金bbin台注册送现金的资产有兴趣.

Read on to learn more about this useful insolvency process.

Pre Pack Administration

What is a Pre Pack Deal?

The sale of the assets from the insolvent company is pre-arranged by an insolvency practitioner.

Once the sale has been arranged, bbin台注册送现金被归入bbin试玩体验金管理,而bbin试玩体验金从业员(现为bbin试玩体验金管理人), will oversee the sale. Importantly, this allows the assets to be sold very quickly so the disruption to trade is minimal.

这使得预打包管理成为一种非常有效的方法,可以挽救企业的可行方面和许多为老bbin台注册送现金工作的人的工作.

The assets from the old company must 以独立专业估值师确定的市场价值购买,以确保债权人获得最大可能的回报.

原bbin台注册送现金拥有的任何未作为预包装管理的一部分出售的资产将作为清算的一部分变现,原bbin台注册送现金将关闭.

How does a Pre Pack Administration Process Work?

There are six key steps involved in the pre-pack administration process:

(1) Seek Advice From Insolvency Practitioners

If you are concerned about the financial position of your business, you should contact the insolvency practitioners here at AABRS immediately. We will discuss your situation with you and provide confidential, no-obligation advice. At this point, we will explain every available option to you, including refinancing, a company voluntary arrangement (CVA), administration, creditors’ voluntary liquidation (CVL) and a pre-pack administration. If it’s decided that a pre-pack Administration could be a potential solution for you, a resolution must be passed at a board meeting to consider it in more detail.   

(2) Create a Business Plan for the new Company

如果旧bbin台注册送现金的业务要卖给新bbin台注册送现金,商业计划必须作为预包装管理的一部分. It should include cash-flow, 对新bbin台注册送现金生存能力的盈亏及资产负债表的预测. bbin试玩体验金执行者将利用这一证据来确定是否可以进行预包装销售.

If the business is to be sold to an existing third-party company, 知识产权需要查看买方的管理信息和帐户,以评估业务是否可行.

(3) Marketing the Business

At this stage, the IP will obtain a formal valuation of the assets, the goodwill and any intellectual property of the company by a RICS qualified surveyor. 然后,企业可以通过在地方或全国性报纸上刊登广告,向潜在买家推销, website listings and sales letters to potential buyers. If there’s no interest, the business can be sold to the new company or a pre-arranged existing company. 如有其他各方的兴趣,则其要约将由bbin试玩体验金从业员考虑.

(4) Financing the acquisition of the new company

You now need to think about how you’ll finance the acquisition of the business and its assets. There are specialist lenders who may be willing to provide finance through asset-based lending, factoring and bank facilities. 风险投资bbin台注册送现金也可能是预先打包资金的潜在来源,作为“购买和建设”战略的一部分. As a director of the new company, you may be asked to provide personal guarantees to access these funds.

Potential finance providers will want to see a business plan and financial forecasts. 他们还想知道他们的证券需求将如何得到满足,并测试独立的估值.  

(5) The Pre Pack Sale can take Place

如果bbin试玩体验金从业员已经履行了他们的合规义务,你可以筹集资金来收购资产, the pre-pack sale can begin. 将草拟一份合同,指定bbin试玩体验金执行人为bbin试玩体验金管理人,并将与银行和其他贷款人等浮动押记持有人bbin台注册送现金. If they have no objection and everything else is approved, the Administrator will send their applications to the court. Soon after that, the business will be sold to the new company or a third-party.

(6) The old Company will be Closed

The final step is close down the old company’s trading activity. bbin台注册送现金的账簿和记录将被转移到行政管理人办公室,任何剩余资产将被变现. Once the Administrator is happy there are no outstanding matters, the old company can be dissolved or liquidated to allow for distribution to its creditors.

Advantages of a Pre Pack Administration

There are a number of compelling advantages associated with a pre-pack administration. That includes:

  • The speed of the sale – The process allows you to free up cash quickly to pay your creditors and settle your debts. The sale of assets can take place as soon as the business enters Administration, which helps to reduce the administrator’s fees.
  • Business continuity -旧业务被迅速出售,作为一个持续经营的bbin台注册送现金,可以在新业务名称下继续运营. 这有助于新bbin台注册送现金的成功,并有助于保护与客户的关系, clients and suppliers.
  • The directors maintain a degree of control – The directors maintain control of the business during the pre-pack process, which is not the case in other types of insolvency procedure.
  • A second chance at success – If the existing directors or management team are the buyers, 他们将能够从过去所犯的错误中吸取教训,并有第二次机会在不被历史债务拖累的情况下让企业获得成功.
  • Brand image is maintained -以公平的价格迅速出售,可以确保债权人更快得到偿还,并有助于维护企业的声誉和它所建立的商誉. It can also help to save jobs, which further reduces the damage to public perception.
  • You avoid compulsory liquidation – A pre-pack Administration allows you to avoid the unpleasant compulsory liquidation process, which can cause serious damage to creditor-debtor relations
  • Old contracts can be terminated - -可以终止与租用设备和财产有关的对旧bbin台注册送现金造成问题的合同,以便为新bbin台注册送现金腾出现金流.

Employee Rights & TUPER

The rights of employees during a pre-pack administration are governed by the Transfer of Undertakings – Protection of Employment Regulations (TUPER), 是什么规定了旧bbin台注册送现金的所有员工必须在相同的雇佣条件下转到新bbin台注册送现金.

However, as the old company was not trading profitably, it’s likely that the structure of the new company will be changed, and that could lead to certain teams and departments being downsized or closed altogether. Inevitably, that will lead to employee redundancies, the cost of which could be left with the old company.

Redundancy

Importantly, 预先包装管理不能用来避免那些由买方雇用的雇员的冗余成本. 员工在原bbin台注册送现金积累的所有裁员权利将转移到新雇主. 如果他们的员工权利没有得到考虑,那么他们可以对新bbin台注册送现金提出不公平解雇的索赔.

How Much does a Pre Pack Cost?

预打包管理的最大优点之一是,与其他bbin试玩体验金程序相比,成本相对较低. 因为在行政之前进行了尽职调查,而且在行政开始后就完成了出售, there is no requirement to pay the administrator’s fees for a prolonged period. That typically makes it cheaper than a standard administration procedure.

The costs of a pre-pack administration include:

  • The pre-pack set-up costs

bbin台注册送现金的第一个成本是bbin试玩体验金从业员在政府介入前处理事宜所花费的时间. 在任命署长之前需要大量的参与,以确保预先包装是适当的bbin试玩体验金解决办法. Although an initial meeting with the IP is usually free, the time spent dealing with pre-pack matters will incur a charge thereafter.

  • Valuing the old company’s assets

The valuation of the old company’s assets must be carried out by a reputable independent valuer, 其成本将由bbin台注册送现金承担,并从出售业务和资产的收益中筹集资金. Once the valuation has taken place, a sale and purchase agreement will also have to be drawn up.

  • Funding the purchase of the old assets

The purchase of the old company’s assets should be made from the new company’s account. These funds will come from the directors of the new company or, if funds are limited, 新bbin台注册送现金有可能通过资产担保贷款来获得所需的资金.  

  • Liquidation of the old company

The final cost of a pre-pack administration is the closure of the old company, following the company entering liquidation or dissolution.

For a small or medium-sized business, a pre-pack administration will typically start from around £15,000+VAT.

Challenging a Pre Pack Sale

For creditors fearing that the pre pack will yield them a poor return, there is always the recourse to take legal action. 有法律先例表明,如果法院认为出售的情况不完全透明,他们会进行干预.

As such, bbin试玩体验金从业员在这些事项上必须极其谨慎,以显示他们具备合理技能和谨慎的责任.’

Want Immediate Advice?

At AABRS, 我们将与您讨论预包装管理流程,并帮助您了解它对您的业务是否可行. Get in touch with our team for a free, no-obligation initial consultation.