Kennedys and Davenport Lyons have acted on the fast-track administration sale of Molinaire, the post-production company behind films such as Prometheus (pictured) and The King's Speech.

Kennedys advised the administrator, Springfields, with a team led by business recovery partner Steven Fennell, while Davenport advised the buyers – former owner Steve Milne and his British Film Company (BFC).

The deal is understood to mark the first time a court has approved a pre-pack insolvency sale where the bank – which had a charge over the company's assets – did not agree to the release of its security.

High Court judge Mr Justice Floyd allowed the sale to go through after ruling it was in the best interests of all concerned. Davenport's team was led by corporate partners Jeanette Gregson and John Hiscock, with support from restructuring partner Robin Henry and employment partner Marie van der Zyl.

The firm also worked with Milne on his purchase of Molinaire in 2003, as well as its subsequent sale in 2008 to Indian media company Century Communications.

In addition, the 45-partner firm also advised Milne when he started up BFC as a new venture in 2008.

Fennell said: "This challenging transaction involved the simultaneous negotiation of a complex sale agreement and an unprecedented application to the court."

The Soho-based Molinaire, founded almost 40 years ago, provides post-production and editing services and has worked on more than 200 films as well as TV programmes, such as BBC One legal drama Silk.