Sale from Administration
Blake-Turner were involved in placing a company into administration and subsequently selling the business. Prior to Blake-Turner’s involvement, the directors sought advice from an insolvency practitioner who Blake-Turner worked closely with throughout.
One of the company’s creditors had begun the process of enforcing debts that were owed. Blake-Turner had to work quickly and efficiently to ensure the documentation was filed so that the company had the protection of an interim moratorium. Once such protection was in place, and prior to the appointment of the administrators, Blake-Turner were involved in preparing the documentation and negotiating the terms of the sale of the business.
In addition to the sale and purchase agreement, Blake-Turner prepared and negotiated a licensing agreement to enable the purchaser to occupy the company’s premises. The crucial element to this document is to ensure the purchaser can run the business from the moment it is purchased but to protect the company, which is now in administration, from breaching the relevant lease.
As is common with transactions such as this, timing is of vital importance. An insolvent company is likely to be under pressure with its creditors and the directors have to ensure that the correct steps are taken. Once the administrators are appointed timing remains key as often all parties want the sale to go through as quickly as possible.
Blake-Turner, as experienced insolvency lawyers, can assist you if your company is facing insolvency issues. We work closely with insolvency practitioners who will also be able to assist you should you require. We can prepare the necessary paperwork and ensure all of the deadlines are met so that the process runs as smoothly as possible. If you believe your business can be sold then as in the case above we can prepare the contracts required to sell your business.
Please contact Paul Cooper for further information.