In this article, Commercial Property Specialist Charlie Bennett discusses how Heads of Terms work, whether they’re legally binding and what to look out for when negotiating.
Independent evaluators for phoenix pre packs
From Friday 30th April 2021, an administrator who is selling a phoenix pre-pack to a connected or interested party will require an independent evaluation, or creditor approval.
[staffrotator]
Frettens are able to act as an evaluator in these circumstances.
Please read our 'everyting you need to know' guide to evaluation here before proceeding.
Expert insolvency solicitors as evaluators for pre-pack sales
Malcolm spoke about this in a previous webinar, part of his ever-popular coffee break briefing series. You can read the follow up article here, watch the recording here, or view the slides here.
The new regulations, The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (TARoDetCPR) can be read here.
Why use Frettens solicitors as your independent evaluator for a pre pack sale?
Expertise
Malcolm Niekirk, Frettens’ resident insolvency guru and head of our Insolvency team is has some three decades of experience in insolvency and is regarded as one of the leading practitioners on the south coast.
He is qualified as an insolvency practitioner as well as enrolled as a practising solicitor.
Having spent time as a practising solicitor and partner, heading the insolvency teams at two large regional firms, Malcolm set up his own consultancy in 2016. In addition to that, he was also a director at Peter Hall from 2017, getting first-hand experience in a boutique restructuring and insolvency practice.
Having worked on both sides of the insolvency process, Malcolm and his team are uniquely placed to evaluate and offer advice in these matters.
Malcolm Niekirk will act personally as evaluator in such cases.
Speed
In these circumstances, time is of the essence. We can turn around an evaluation in two business days, once we have received the relevant information from the buyer and administrator.
Cost
We offer a fixed fee for a straightforward evaluation. The fee is calculated based on transaction value and will be agreed upfront.
