A "pre-pack" is the name given to a pre-arranged sale by a company in administration (www.practicallaw.com/9-107-6363) of its business or assets (or both) that completes either immediately upon the appointment of the administrators (www.practicallaw.com/2-107-6366) or shortly after the administrators are appointed. This reverses the standard process, where the administrators commence the marketing of the business after their appointment. For more information about pre-packs in administrations, see Practice note, Pre-packs in administration: a quick guide (www.practicallaw.com/7-385-0829) and Article, Current trends in insolvency and restructuring: Part 1: Pre-pack administration (www.practicallaw.com/8-386-0494). For more information about buying the business and assets of a company in administration, see Practice note, Buying the business and assets of an insolvent company (www.practicallaw.com/9-100-1853) and for a precedent form of sale agreement for use in a pre-pack sale, see Standard document, Asset sale agreement by a company in administration (www.practicallaw.com/4-500-6820).
In the liquidation (www.practicallaw.com/5-107-6770) context, the centrebind procedure (www.practicallaw.com/0-107-5872) is sometimes used.