Dealing with administrators

[JP]

Can anyone offer any advice on dealing with buying a company or part of a company from the administrators?

The company I work for has just gone into administration and there is one department I would like to purchase, how does the process work?

I have most of the basic financial details sorted, but how do you go about buying? I presume it's like buying anything.... you say what you want and how much you are willing to pay and go from there...

If I make an offer, how do I detail it? Can any PH'ers point me in the direction of any good info / advice on the web?

Thanks

JP

[sleepezy]

Talk to the administrators.

They are in a position to be able to sell any assets of the business in whatever 'mix' they find to be to the best advantage of the creditor body as a whole.

They will need you to confirm (basically)

What you want
How much you are willing to pay for it
(Possibly) How you are splitting up that value
Proof of funding

If you're only interested in one department you may come up against strong competition. It is quite possible that the amdinnstrator will have an offer for more of the business and he/she/they would have to consider what is the best overall outcome.

(I've assumed you're not a director of the original co.)

It's really not that difficult a process & they'll help you. You are in a relatively strong position as you understand the business.

Edited by sleepezy on Sunday 1st April 21:25

[JP]

Thanks Sleepezy, pretty much as I thought....

Hopefully, I will have a partner in this who is looking to purchase a large chunk of the business, but is not really interested in my bit..... Might make a more interesting deal for the administrators.

JP