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Wrong. There's a whole section in the insolvency legislation about "preferences". In practice this means that payments to friends can sometimes be claimed back. Before you lose all those friends, get your facts straight and talk to Dodd

I’ve heard about pre-pack administrations and directors get first refusal to buy back the company assets if it’s about to go bust – right?

Wrong. Any sale back to company directors must be for full market value. Administrators are under a strict duty to ensure that the assets are marketed to outsiders before any final sale back to directors are agreed.

And remember – you must have on-going funding available to buy back the assets and continue to trade, so directors need to be 100% certain that they can pay for the assets before entering into any agreement to buy back.

Administration is not as simple as you may have been lead to believe. Speak to Dodd Rescue to ensure you make an informed decision.