We are often instructed by Liquidators and Administrators to sell a complete business. It is important to make the distinction between selling a company and selling a business. We do not normally sell 'the company' as this would mean selling the shares, with the buyer taking on existing liabilities and book debts.
When a company enters into Administration or Liquidation, we are normally instructed to sell the business which effectively means the assets of the company. This would typically include any office furniture and equipment, fixtures and fittings, stock (where it is not claimed back under Retention of Title by suppliers), work in progress, order book, any rights the company has to its trading name, telephone and fax numbers, website and email addresses, contracts (where assignable), etc. Such sales would not normally include the property. The new buyer might have the existing lease assigned to them, or arrange a new one, or indeed choose to move the physical assets to a different location altogether.
Buying a business in liquidation and/or administration normally has to be done at a significantly quicker pace than in a non-insolvency scenario, without the same time for due diligence, with the Liquidator/Administrator giving nothing in the way of warranties, indemnities or guarantees and the buyer taking something of a risk which is often reflected in the price.
If a business is not sold quickly (hence often being listed on our site for just a week or two) the physical assets would normally then be uplifted to our premises for a sale by way of Auction or Tender.
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