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Publication date: 26.12.2025
Number of views: 121
Collecting data about assets, debts, liabilities, existing contracts, and creditor complaints.
Checking whether the company is solvent and assessing its overall financial strength.
Explaining the director’s responsibilities under the Insolvency Act 1986.
Determining whether a pre-pack approach is truly the best option from the outset.
Assessing what could happen next — a voluntary arrangement, debt restructuring, or closing the business.
Explaining the potential risks for the director personally.
Deciding on the most appropriate course of action in this situation.
Preparing and reviewing the information submitted to the administrators.
Coordinating an independent valuation of the company’s assets.
Checking contracts, employment agreements, equipment documents, intellectual property, and property-related rights.
Identifying what can be sold as part of the pre-pack transaction.
Preparing criteria for a potential buyer.
Checking whether the buyer fits the transparency requirements expected by creditors.
Discussing what exactly will be sold, under which terms, at what price, and how the deal will be structured.
Collecting all the necessary documents for the administrators so that everything is ready.
Drafting the business and asset sale agreement.
Checking compliance with SIP 16 (the insolvency practice rules) to ensure transparency of the pre-pack process.
Providing legal support throughout the documentation and signing process.
Preparing information that must be disclosed to creditors.
Communicating with the court-appointed insolvency practitioner.
Confirming the transfer of assets — including contracts and employees.
Monitoring the final steps of the transaction to ensure the matter is properly closed and that the director faces no hidden risks.
Submitting the final report together with recommendations for the new business.
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When a company faces serious financial difficulties due to large debts or the risk of insolvency, it’s a clear sign that changes are needed. If operations fall behind schedule, funds run out, and creditors start applying pressure, it’s better to act quickly than wait for the business to collapse. Early assistance from a qualified lawyer reduces the director’s personal liability risks, ensures proper legal structuring, and prepares the company for a potential sale of its assets.
A lawyer reviews the company’s financial situation — debts, assets, active contracts — and determines whether insolvency has already occurred. Then a step-by-step plan is developed: a temporary administrator may be required, but alternative solutions should also be considered, such as negotiations with creditors or restructuring the debt. During the consultation, the lawyer explains responsibilities, identifies risks for directors, and outlines the next actions clearly and without unnecessary complexity.
If the decision is made to proceed with pre-pack administration, the lawyer assists in gathering the required documentation, reviewing assets, examining contracts, securities, intellectual property, leases, and payroll obligations. The key is accurate preparation and verification since this minimises the likelihood of creditors challenging the transactions.
At the pre-administration stage, the specialist drafts the business and asset sale agreement, ensures all required disclosures are made, supervises contract execution, and assists in transferring equipment, staff, and contracts. Once the transaction is completed, the lawyer provides guidance on further business steps and handles inquiries from creditors or regulatory bodies.
A lawyer is needed when the debts are significant — that’s a fact. If loan repayments are becoming difficult, don’t delay. Facing insolvency? Plan ahead. When time is limited and many creditors demand payment, handling everything alone becomes unrealistic. Salary delays or supplier claims signal a critical situation. Problematic leases or risky loan terms can jeopardise the closure of the business. Timely analysis reduces pressure, helps avoid personal liability, and preserves company value even as insolvency begins. Early planning gives you control over the outcome.
Why choose us ?
We provide clear legal support to directors when a company is in financial distress — this is where pre-pack administration becomes relevant. Our team specialises in rapid asset sales, drafting agreements, handling complex contracts, valuing business assets, and preventing creditor claims. We work with you from the very beginning: assessing your financial position, choosing the right strategy, preparing documentation — all the way to the successful completion of the transaction.
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