Buying a Company in Trouble: A Practical Guide
The book has been written to assist those people (and their professional advisers) who are planning to buy a company in trouble, perhaps for the first time, and where the proposed target is likely to be a small or medium sized private company which is either formally insolvent or close to formal insolvency. It guides the potential purchaser through the various stages in the acquisition process, from the formulation of an acquisition strategy to the signing of the contract. It also helps a purchaser to evaluate the proposed acquisition thoroughly and provides forewarnings of likely problems. The book has three main objectives: to help the purchaser minimise the inevitable risks involved in the purchase; to guide the purchaser towards a full understanding of the business of the target company and of the reasons which led to its difficulties; and finally, to provide enough guidance to enable the purchaser to offer a fair price.
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Recognising a company in trouble
What are the various types of insolvency?
Should I buy before or after an insolvency?
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acquired administrative receiver administrative receivership advice advisors appointment arrears bank business and assets buying a company cash ﬂow chaser clause Companies House company in trouble company's creditors company's management costs customers debtors debts directors discussions employees Enquire ensure existing finance agreements finance company fixed assets forced sale value forecasts formal insolvency fraudulent trading funds going concern hire purchase identify Insolvency Act 1986 insolvency practi insolvency practitioner insolvent company insolvent liquidation investigation Key point summary management accounts negotiations Obtain details offer original company overdraft paid particular payments period possible potential liability potential purchaser preferential creditors previous company principal prior probably problems procedures profit realisable reasons receivership redundancy relevant reservation of title sale agreement sale contract schedule shareholders shares significant statement of affairs subsidiaries suppliers target company third parties tion title claims troubled company usually valuation vendor company voluntary liquidation warranties wrongful trading