What are Pre-Pack Administrations?
Pre-pack administration is a process that allows a financially distressed company to negotiate the sale of its assets before entering formal administration.
The negotiations are often conducted discreetly and swiftly, with the assistance of insolvency practitioners, ensuring a seamless transition of ownership and preserving the value of the business.
Benefits of a Pre-Pack Administration
Pre-pack administrations are not going to be the best option in all cases. They are frequently deemed unethical due to debt write-offs, yet the reality is that other insolvency measures may not yield better returns for creditors.
Expert Knowledge
Frequently Asked Questions
Yes – HMRC can absolutely chase a dissolved company. They have six years from the date of dissolution and twenty years if they believe and fraud or negligence has taken place.
No it will not. Being the director of a limited company limits the liability to the company. That is providing you have acted as any reasonable person would whilst running the business and not signed up to any personal guarantees or have an overdrawn directors loan account.
Yes, you can. However, should your conduct as a director be called into question for the company you were a director of, you could be banned at a later stage.
Fees vary depending on the level of work that needs to be undertaken and the level of specialism that needs to be given.
Please contact us at your earliest convenience. We can provide guidance on the Company’s ability to repay these amounts over time and assist in negotiating a suitable time-to-pay arrangement with HMRC on your behalf. Acting promptly increases the likelihood of HMRC providing assistance.
Disqualification under the Company Directors Disqualification Act bars former directors from holding director positions in UK-linked limited liability or overseas companies. They are also prohibited from involvement in setting up or managing such entities.