Pre pack administration is a relatively new concept that can be used when faced with the prospect of business bankruptcy. Using pre pack administration, a company can continue its operations whilst freeing itself of the debts that it has built up.
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For many businesses it is inconvenient and costly to have to move premises. One of the advantages of a pre pack administration will be that they are able to continue to trade from the same premises. In this article we look at how this is achieved.
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If creditors have taken out a county court judgment (CCJ) against your company, the next step could be a winding up petition. Pre pack administration will give your business a fresh start free of debt.
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If your business is is facing a cash flow crisis, pre-pack administration should be considered as a rescue solution. However, the liquidator of the old business has a duty to reclaim any money owed by the company’s directors. This may in turn leave the directors at risk of personal insolvency.
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Pre Pack Administration is one of the great options for rescuing companies with debt problems. Don’t get caught with your trousers down if the HMRC ask for a VAT deposit. We discuss possible issues with the HMRC and how to work through them to help turn your business around.
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