- Pre-packaged liquidations or pre-packaged administrations are either loved or hated as a concept, depending on who you talk to in the profession.
A pre-pack is where a new company is incorporated (or a business set up) and this company will purchase the assets it requires of the failed company from the administrator or liquidator. They may purchase work in progress, contracts, intellectual property and other intangibles amongst other things.
There are restrictions in place to prevent a new company from using a name that is the same or similar to one that has gone into liquidation if there is a connected party. However, there are procedures that you can follow to allow the name to be used. We will make sure you are informed of this so that you can consider what you name the new company.
There is nothing to stop you setting up a new company when you have been involved in one that has gone into liquidation or administration.
The failure of your business does not have to be the end of your enterprising spirit.
Let us alleviate your fears so you can move forward with confidence.
Please contact us to discuss your situation.