Pre-packaged sales

Pre-packaged sales, often referred to as "pre-packs," involve selling a business or its assets before it officially enters bankruptcy or administration. The aim is to facilitate a quicker and more efficient sale, often preserving jobs and maximizing value for creditors. In this process, a potential buyer works with the business owners and legal advisors to arrange the sale in advance, often allowing the business to continue operating with minimal disruption. This approach can help maintain operations during financial difficulties and provide a better outcome than traditional bankruptcy procedures.