Consensual deals can also be pre-negotiated arrangements that leverage the benefits of some legal restructuring tools to seal a deal. These are frequently called prepackaged plans and are fully drafted, negotiated, and voted on prior to filing the plan with the courts.

In practice, the company remains under administration for just one day and emerges on the following day as a NewCo with right sized liabilities and can operate normally.

Some specific advantages that pre-packaged deals have over normal administration processes include business continuity. For the company, the prepackaged process is a fast and seamless process that keeps the business operating without disruption or loss of value.

Reduced costs of administration, the process is much cheaper given it is very quick. Only one day in administration and administrators don't need to get involved in a potentially long and drawn out process of finding funding or selling assets.

A degree of control is maintained by directors, given everything is pre-agreed prior to filing. Directs still exert a degree of control over the fate of the company as opposed to handing the keys over to an administrator. Even though the existing management team have been in control of the company while bringing it close to bankruptcy. The lenders may feel this is due to factors beyond their control and that the current management team may be best placed to turn the company around given their existing knowledge of the business. Lenders might be inclined to agree to a consensual deal if the alternative plan is not very appealing. For example, if the alternative is a formal administration process that could potentially lead to complete liquidation of the company and therefore lower recoveries.