Guide to Pre-Pack sales

A “Pre-Pack” is not a special type of insolvency procedure and no reference is made to “Pre-Pack” sales in English insolvency legislation. It is the fact that the preparatory work takes place before the appointment of the insolvency officeholder which distinguishes a “Pre-Pack” from any other sale by an insolvency officeholder. It is the rapid conclusion of the sale, the absence of court or unsecured creditor involvement and the fact that many “Pre-Pack” sales are to the insolvent company’s previous shareholders or directors, which have together generated much of the current debate surrounding “Pre-Packs”. This is a guide to "Pre-Pack" sales and addresses what they are, when they are used, the typical sales process and current guidance as to best practice.

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