Company in debt? Why you should talk to 1st Business Rescue today
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Why a ‘pre-pack’ can be a lifeline for struggling businesses
We’re here to help you, the Director.
At 1st Business Rescue we have over 50 years of experience providing insolvency, liquidation and company debt advice to business owners.
We understand how challenging it can be when dealing with financial difficulties within your business. It’s easy to ignore the problem and hope that it disappears, but this is often the worst thing you can do.
Our dedicated team is here to provide honest, valuable advice to help UK company directors.
No case or circumstance is the same, but I can guarantee that my team and I are here to give you the best advice.
We are one of the only 5-star business insolvency companies on Trustpilot and Google, with 100’s of 5-star reviews.
Contact our friendly team for a 100% confidential, no-obligation consultation today.
Free Guide: Directors guide to liquidation the correct way
If you are a director and considering closing your company by liquidation or insolvency, you must read our free guide to discovering how to do it the right way. Simply click the button below and enter your details below to receive this free guide now:
Considering a pre-pack or liquidation? We help you explore all your options.
We regularly support directors dealing with the “sharp end” of business distress: threats of winding-up petitions, bailiffs at the door, and the mounting pressure of Bounce Back Loan repayments.
If you are struggling with HMRC arrears or rent pressure, the worst thing you can do is “guess” your way through. The wrong move can increase your personal risk.
We specialise in taking that pressure off your desk, dealing with creditors on your behalf, and explaining your options—from pre-packs to restructuring—in plain English.
Early pre-pack advice is essential to protect directors.
Many directors find us through our Google and Trustpilot reviews because they are looking for more than just a legal process—they want a team that understands the human side of business pressures.
We offer speed when time matters and experience across all UK sectors, from construction to hospitality. Whether we are helping you rescue the business or guiding you through a pre-pack administration, our goal is a calm, confidential process that protects your reputation and your future.
Our focus is on you, the director - not your creditors.
We completely understand the emotional anguish company directors like you face when considering the future of your company – and the knock-on impact this can have on your personal life.
Our expert team will outline all of your options in a jargon-free, easy-to-understand way and advise you and your business on the best route forward – with the goal of protecting you and your personal assets.
Contact us for a confidential, no-obligation conversation.
Pre-Pack Administration & Liquidation - Frequently Asked Questions
A “Pre-Pack” is a legal way to save a viable business. The sale of the company’s assets is negotiated and agreed upon before the company officially enters administration. Once an administrator is appointed, the sale happens almost immediately.
The buyer can be a completely new third party, or it can be a “NewCo” (a new company) set up by the current directors. If the directors are buying it back, there are extra rules to make sure the price is fair.
The goal is to move so fast that the business never has to stop trading. This prevents customers from leaving, keeps contracts active, and protects the “goodwill” or reputation of the brand.
● Job Protection: Most staff keep their jobs and transfer to the new company.
● Business Continuity: You can keep serving customers without interruption.
● Value: It usually gets a better price for the assets than if the business simply closed down.
● Legal Protection: Once the process starts, the company is protected from legal action by people it owes money to (creditors).
There are strict rules called SIP 16 that require the administrator to prove the sale was the best option. If the buyer is “connected” (like a director), an independent expert must often review the deal to ensure the assets aren’t being sold too cheaply.
While the actual sale happens in a single day, the preparation takes a few weeks.
● Consultation – We review your finances to see if a Pre-Pack is the right fit for your business. Timeline: 2–6 Weeks
● Valuation & Marketing – Independent experts value your assets while we search for the best buyer to ensure a fair price. Timeline: 24–48 Hours
● Appointment – A licensed insolvency practitioner is officially appointed to take charge of the company. Timeline: 1 Day
● The Sale – The assets are transferred to the buyer, allowing the business to continue trading without a break. Timeline: Immediate
Professional, independent valuers are brought in to look at your machinery, stock, vehicles, and even your “intellectual property” (like your brand name or website). This ensures the sale represents “fair market value.”
Yes. To be fair to creditors, the administrator usually has to show that the business was advertised (on insolvency platforms or to trade buyers) to see if anyone else wanted to pay more for it.
Under rules known as TUPE, employees usually have the right to move to the new company. Their length of service and existing contract rights are generally protected and stay the same.
The “Old Company” stays in administration. The money the buyer paid for the assets is collected by the administrator and paid out to creditors in a specific legal order. Eventually, the old company is closed down (liquidated).
Your main job shifts from running the business for yourself to protecting the people you owe money to. You must seek professional advice early, avoid taking on new debt you can’t pay, and make sure you aren’t “preferring” one creditor over another.
We specialise in helping directors navigate these high-pressure moments. We offer:
● Free initial consultation that is 100% confidential
● We work for you – the Director
● Protect your personal assets
● Tailored plan unique to your situation