Our client was a large independent licensed insolvency firm, specialising in business rescue and recovery.
We helped the firm with the appointment of two of its members as joint administrators, and the subsequent sale of that company’s business and assets to a third-party purchaser via a pre-packaged administration sale.
We advised the client on the terms of the asset purchase agreement relating to the sale of the business and assets. This involved preparing the initial draft agreement and negotiating this with the buyer’s solicitors, as well as advising on the specialist features of the transaction, including the employment aspects. Our dispute resolution team provided most of the advice regarding the members’ appointments as joint administrators.
As is customary with the sale by companies in administration of business and asset interests, we delivered the advice in digestible form and as a matter of urgency, and successfully concluded the transaction at rapid speed. The purchase price paid also reflected the sizeable risk borne by the buyer in acquiring assets from a company in administration.
