In a Pre-pack, a company is placed into Administration and the business is sold shortly after the appointment of the administrator. Often, the insolvency practitioner (IP), the directors and the bank will have already obtained valuations, agreed a sales price and drafted contracts to enable the business to be sold immediately after appointment. This is often regarded as a controversial process as creditors often feel aggrieved and the entire scenario needs to be handled with care by a competent and experienced IP.