What you need to know before downsizing your business

When Directors seek advice from an Insolvency Practitioner it is often because their business is already insolvent, but they also come because the business is going to be sold and they believe that the workforce can be slimmed down and then the slimmed down version of the business can be sold, perhaps back to themselves as a ‘pre-pack’. The realisation that they will adopt all of the employee’s contracts often scuppers a sale of the business.