Initial Advice

Any initial advice you receive from Wilmott Turner Financial Services either on the telephone, via e-mail or our on-line forums is given without charge.

Wilmott Turner Financial Services will work with an external Insolvency Practitioner to help our clients implement a Pre Pack. If you decide to proceed with a Pre Pack with the our help the charges highlighted below will apply.

Do you want help to start a Pre Pack? Give us a call (0800 088 7376) or complete the form below to speak to one of our experts

Independent valuation and Sale & Purchase agreement

If a Pre-Pack solution is to be implemented, one of the first tasks is to get an independent valuation of the assets of the old company. The cost of this valuation will depend largely on the nature, location and size of the company.

In addition to the asset valuation, a formal sale and purchase agreement will have to be drawn up.

Generally speaking for most small businesses the charge associated with these activities will be between £1000 and £1500 + VAT

Statement of Affairs and Creditors Meeting

If Pre Pack Liquidation is to be used the directors of the old company will need to appoint an Insolvency Practitioner. Their task will be to prepare a statement of affairs for the old company and to facilitate a creditors meeting where the liquidator will be appointed.

Again the costs associated with this activity will vary depending on the size of the company. The charge will normally start at £2000 + VAT but can often be paid for from the proceeds of the sale of the company’s assets.

The IP will share some of this Fee with Wilmott Turner.

Purchase of old company Assets

The essence of a Pre Pack solution is the purchase of the old company’s assets by a new business. The value of the assets will be established through the independent valuation.

The directors or investors of the new company may be required to pay for this asset purchase from their own investment funds. Alternatively they can agree with the liquidator that payment will be made overtime from the trading profit of the new company.