How quickly can you do it?
One to four weeks
A pre-pack administration can act very quickly depending on how proactive the directors are and how quickly a buyer can be found.
The assets and business need to be marketed by professional agents – this may take about a week. Even if a buyer has already been lined up, say that's one of the existing directors, the market still needs to be tested to ensure the offer is the best at market value.
Once a buyer has been identified and a sales contract agreed in principle, the directors make the application to court for the administration with the help of solicitors.
The company can usually be placed into administration within 24 hours.
The administrator will then usually complete and sign the sale contract/s on day one of their appointment.