There is a noticeable trend among entrepreneurs, both sole proprietors and majority shareholders of insolvent but functioning companies, to agree with great reluctance to declare bankruptcy and transfer all proceeds to the trustee. They are driven by the faint hope of finding an investor, who will acquire the insolvent company from them, bail it out and pay them at least a small consideration for the shares or stocks being sold.
Such an expectation results in a prolonged crisis, increasing the amount of liabilities, and therefore leads to acting to the detriment of creditors. The consequences of such protractedness for owners and management boards of companies that do not file for bankruptcy within the deadlines set by the Bankruptcy Law are severe. Therefore, the education of entrepreneurs about the existence of the pre-pack procedure as a tool enabling the sale of a company without its debts to potential investors is, in our opinion, very valuable.
Pre-pack, or prepared decommissioning consists in selling the company to the buyer, without the buyer taking over the liability for the debts of the bankrupt company. The aim is also to free the indebted and insolvent entity from the unpleasant consequences related to its liquidation, maintain jobs, reputation, contractors and the market developed over the years. A well-conducted prepared liquidation procedure may be practically unnoticeable to economic participants, because the company does not suspend its operations for a moment.
The entire pre-pack process is carried out in a friendly manner for both employees and contractors of the debtor. In this respect, it resembles a classic takeover or sale of a business. However, what distinguishes pre-pack from the aforementioned operations is the fact that the purchaser is not liable for the liabilities of the acquired company.
If you have found a buyer who would be happy to buy back your business, however, due to the debts you have, the investor has become discouraged - the solution to this problem may be a prepared liquidation. With our With our help you will easily get through this process.
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