Lee & Priestley often advise on transactions that need to be completed very quickly. The purchase of insolvent businesses is a typical example. The Corporate department recently acted in the purchase of a bar business in administration. Our client’s offer was the best bid for the business but speed is always of the essence in securing a deal with insolvency practitioners, who are always keen to make a realisation for their client.

Notwithstanding a complex sub-lease situation, with support from our Property department, we were able to get the deal done in a matter of days.

The keys to success in situations like this are communication (our client praised us for always being able to get hold of someone on the team who was working on this and we have a good relationship with the firm who provided the administrators) and the ability to take a commercial as well as a purely legalistic view. By their very nature, very few insolvency deals are textbook situations.

Our client commented "Please pass on my thanks to all of the team at Lee & Priestley who have worked on this to get a result for us. In particular you’ve always made sure my calls get taken and I’ve been able to speak with you."

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