The book has been written to assist those people (and their professional advisers) who are planning to buy a company in trouble, perhaps for the first time, and where the proposed target is likely to be a small or medium sized private company which is either formally insolvent or close to formal insolvency. It guides the potential purchaser through the various stages in the acquisition process, from the formulation of an acquisition strategy to the signing of the contract. It also helps a purchaser to evaluate the proposed acquisition thoroughly and provides forewarnings of likely problems. The book has three main objectives: to help the purchaser minimize the inevitable risks involved in the purchase; to guide the purchaser towards a full understanding of the business of the target company and of the reasons which led to its difficulties; and finally, to provide enough guidance to enable the purchaser to offer a fair price.