What can I expect during the pre pack administration process?
While the process can differ significantly depending on the circumstances, business, and the firm assisting with the insolvency, there are a few things that almost anyone can expect during the pre pack administration process. No matter what the conditions, you can expect to have an initial consultation with insolvency or turnaround practitioners. These professionals are qualified to carry out your pre pack administration and can help you get prepared.
As a part of many pre pack administration contracts, the experts that you work with will likely help you draft a business plan. This plan will likely draw out the future of the business and how the transition of assets, the company, and property will go. You should also be aware that there are compliance measures that have to occur during a pre pack administration. For example, your practitioners must market the business publicly to other potential buyers before a newco or predetermined third party can make a purchase. You can learn more by visiting this site.