Birmingham 0121 728 5581

Bristol 0117 332 3844

London 0203 667 8693

Manchester 0161 537 2702

Southampton 0238 235 8122

A typical time line of events

A typical time line of events

On average within two weeks of meeting the IP, a buyer is identified, sales contracts agreed in principal, the company placed into administration and the sale completed.

  • Meet and subsequently instruct IP to help
  • Solicitors help produce court documents
  • Agents instructed to carry out marketing campaign and find buyer/approve sale to proposed existing buyer
  • Company enters administration
  • Administrators take control

Day 1 – Directors have free initial meeting with IP – IP ultimately recommends pre-pack administration after careful condensation of circumstances and eliminating alternative options

Day 3 – Directors second meeting with IP to discuss pre-pack administration in more detail and answer any remaining queries.

Day 4 – Directors instruct IP to proceed with pre-pack

(Where applicable IP speaks with debenture holder regarding strategy and ensures no issues with bank agenda or desire to appoint own IP)

IP recommends specialist agents to value assets and business and begin marketing campaign

IP recommends solicitors to begin drafting sales contract and administration application

Day 10 – Agents have identified purchaser or ratified sale to existing buyer

Day 11 – If proposed purchaser is connected, party IP refers proposed purchaser to Pre-Pack Pool

Day 12 – Solicitors have completed and approved draft contracts with proposed purchaser

Day 13 – Application lodged with court to place into administration

Day 14 – Order granted. Company now in administration. Administrators sign sales contract/s and business is sold.

Administrators take control of company affairs.

David Kirk ACA FABRP

David Kirk

David Kirk is a Chartered Accountant and Licensed Insolvency Practitioner.
Read More

Business Renewal
"It was a very difficult decision to make to go into Administration but now I am so glad we did it. David and his team were great thank you."
Jacci Dellaway of Baylift Services Ltd
Business Recovery
"We were cornered and thought it was the end of the business after 20 years but he got us out of it."
Lynne Firman of Just Beds Ltd
Business Rescue
“At the initial meeting you told us the good and bad things that can happen and were honest and told us to watch out for. No one else had done that.”
J White
Business Rescue
"David Kirk helped us with an Administration to rescue the business. He did exactly what he said he would do. It has worked out very well."
Chris Pratt of Elecsis Ltd
Business Renewal
“You made a very difficult time much easier for us.”
R Johns