Easing the insolvency process

By Stuart Hopewell, Pre Pack Pool

The use of the prepack process enables company owners and directors to maintain control of their business, even after entering insolvency.

Published in Essex Director Magazine Winter 2023|24

Business Advice: Stuart Hopewell, Pre Pack Pool

However, it is important to answer two fundamental questions to best understand and make use of this process:

Why is a prepack necessary?

Many businesses are under pressure, from the ongoing after-effects of lockdowns, interest rate hikes and everything in between. A full explanation of what occurred to bring about the imminent failure of the business is an essential part of the application.

What will be different going forward?

Business failure can be down to circumstances well beyond your control, such as major client closure, slow inbound payments, or sudden interest rate hikes. By addressing these issues and making changes, the chances of ongoing success are materially increased. In this regard, a Viability Statement, a key component of a prepack application, should include a plan of action, a budget, and a cashflow forecast for the ‘new’ business.

Why choose Pre Pack Pool?

Our Evaluators each have over eight years’ experience in dealing with prepacks from all sectors of business. They provide guidance on what is missing from an application, ensuring it is given full and balanced consideration, along with an easy-to-use Quick Start Guide. Our turnaround time of 48 hours and a low fixed fee of just £1600 + VAT gives you fast results and value for money.

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Get in touch

Stuart Hopewell FCICM is Director at Pre Pack Pool Ltd.

E: info@prepackpool.co.uk
Or visit: www.prepackpool.co.uk

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