Originally Posted by
Airbus123
So the company was run into the ground, now they buy the assets at pence in the pound, ditch the liabilities and start again.
Pretty accurate definition of a "pre-pack" sale out of administration. That hasn't happened in this case, but it does stink more of a smoke and mirrors pre pack.
For the creditors of any failed business a pre-pack is the unpleasant and unacceptable face of capitalism, but it goes on, multiple times, every day, in most sectors of industry and commerce.